Growth back on the agenda in Lancashire

Andy Gregory, regional director at Business Growth Fund, comments on how the government’s Small Business bill is good news for SMEs in Lancashire.

Growth is back on the agenda for many small- and medium sized businesses in Lancashire, especially in areas such as advanced manufacturing, creative and digital industries, and business services. Look at Lancashire Business View’s Hot 100 Index: the combined revenues of the region’s top 100 SMEs reached £1.5bn in 2013, almost double that of 2007.

But before we get carried away by some macro-economic trends, let’s not forget the very real challenges that are still facing many individual businesses as they look to put their own growth plans into action.

Still top of the list for many entrepreneurs is finance. For most business owners, bank debt has been the only source of funding they have ever used, but the world has changed and the answer is no longer so simple. Debt will never again be as easily or readily available to businesses that want to take on additional risk. This means that ambitious companies will either have to put their growth ambitions back on hold or, more promisingly, look for funding elsewhere.

The Small Business, Enterprise and Employment Bill, which is making its way through Parliament, should help.

Due to come into effect before next year’s General Election, the bill includes measures to improve access to finance and limit red tape. Importantly, according to one measure, if a bank is unable to increase its lending facility to a company, it must refer that business to alternative providers.

It is not just the obligation to advise that’s important here - many of the management teams we speak to are already referred to BGF by their banks. More than this, it reflects a renewed interest among the business community in equity partnerships and, specifically, growth capital.

Growth capital investors, like BGF, buy a minority stake in a business and take a calculated risk on its future. They gain from shared success with management and theirs is a vote of confidence in an entrepreneur’s own ability to build a stronger, more valuable business. That is not to say they don’t help or apply pressure. A good growth capital investor is patient, investing for the long-term, and brings with them access to networks, guidance and other support.

However despite all that it offers, it is a fact that still relatively few businesses that could benefit from growth capital are taking advantage of its availability. This, in part, is due to lingering misconceptions about equity investors and also a lack of more widespread awareness of equity compared to debt.

The biggest positive of the new bill is that it will, if passed, provide even more encouragement to small businesses to consider their funding options, beyond bank debt. This can only be a good thing for the prospects of businesses in Lancashire.

Enjoyed this? Read more from Lancashire Business View

Latest news

1

Stockley's finds its sweet spot Stockley's front view

Stockley's finds its sweet spot

15 Oct 2025

2

Breck to start £15m Blackpool affordable homes and retail development Cropper Road, Blackpool

Breck to start £15m Blackpool affordable homes and retail development

14 Oct 2025

3

New help for Blackpool businesses to access growth money John Fallon speaking at the meeting

New help for Blackpool businesses to access growth money

14 Oct 2025

4

Fuuse raises further £6m as it heads to profitability COO Nik Southworth, CEO Michael Gibson, CFO Sonia Davies.

Fuuse raises further £6m as it heads to profitability

13 Oct 2025

5

Preferred developer named for strategic site Barnfield named as preferred developer for site

Preferred developer named for strategic site

13 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

October Freelancer Meet-Up
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

October Freelancer Meet-Up

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

The Autumn Re set - pour me a wine
LBV Advert_Autumn Reset 1200 x 630px.png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Autumn Re set - pour me a wine

The Artistry House , Preston , PR1 3JJ

17:30 - 19:30

The Business Network Central & East Lancashire
LBV Header (26).png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

HR Essentials for pubs, bars and licensed venues
EventBrite NORi - 22nd Oct Webinar.png.png
LBV Hub Webinar
22 Oct 2025 - 22 Oct 2025

HR Essentials for pubs, bars and licensed venues

Online - Teams, Leyland, PR253XH

13:30 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Chamber Business Lunch – October
LBV Hub Networking
24 Oct 2025 - 24 Sep 2025

Chamber Business Lunch – October

Lancaster Golf Club, Lancaster, LA2 0AJ

11:00 - 13:30

Lancaster District Business Support Expo
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
29 Oct 2025 - 29 Oct 2025

Lancaster District Business Support Expo

The Platform, Morecambe, LA4 4DB

10:00 - 15:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin