HISTORIC PRESS RELEASE : £350m training boost for small businesses [October 2008]

The press release issued by 10 Downing Street on 21 October 2008.

The Government has announced a package of help, including £350 million for training initiatives, for small and medium-sized businesses struggling with the effects of the credit crunch.

The funding will come from the Train to Gain programme, which is scheduled to grow to £1 billion by 2011. Other measures announced today include free “health checks” for businesses in England, financial information from the Institute of Credit Management and a public sector drive to pay firms within 10 days.

The announcements comes as the Prime Minister visited the Kent Science Park in Sittingbourne, accompanied by Business Secretary Peter Mandelson and Skills Secretary John Denham, for a Q&A with local business leaders.

Addressing guests at the event, the PM said that the Government had been “dealing with the drying up of money for businesses” through intervention in the banking system and that it expected lending to start again.

Recently appointed Business Secretary Peter Mandelson added that the Government understood how small businesses were facing “tough times” and that the support announced today would help ensure they are “healthy enough to survive and come out strongly at the other side”.