Government Minister Champions Initiative to Unlock SME Funding
Small Business Minister Blair McDougall has publicly endorsed the FUEL initiative, a nationwide campaign designed to assist small and medium-sized enterprises (SMEs) in navigating the complexities of securing finance. The program, delivered by County Durham-based business support specialists UMi, kicks off with a roadshow in Newcastle next month before expanding to events across the country throughout the year.
Launch Event Details and Objectives
The inaugural event is scheduled for March 17 at the Grand Hotel in Gosforth Park, Newcastle. This roadshow aims to address the persistent challenges UK SMEs face when attempting to access funding for launching or scaling their operations. Experts will guide North East companies through identifying suitable funding types, achieving investor-ready status, and connecting with active investors interested in backing similar businesses.
More than 250 appointments have been pre-arranged, allowing attendees to engage in direct, tailored discussions with funders to address their specific needs. This hands-on approach is intended to demystify the finance process and provide actionable insights.
Ministerial Support and Economic Impact
In his statement, Minister McDougall emphasized the critical role of small businesses in the regional economy, noting that 170,000 SMEs in the North East employ over half a million workers. He highlighted that many of these enterprises still struggle to secure the necessary finance to maximize their potential for job creation and growth.
"This is why we are increasing access to finance across the UK through the British Business Bank, and why roadshows like these are so important," McDougall said. "They provide businesses with the right knowledge, guidance, and expertise they need to grow."
Background on UMi and Program Partners
UMi, formerly known as BE Group, has been supporting UK businesses since 2007, aiding startups, scale-ups, and established firms in unlocking approximately £1 billion in investment through grants, loans, and private sector funding. The FUEL roadshows are backed by prominent organizations including NatWest, Purbeck Insurance, CBI, and the British Business Bank.
Following the Newcastle launch, subsequent events are planned for Edinburgh, Yorkshire, Wales, Liverpool, the Midlands, and the South East, ensuring broad national coverage.
Program Philosophy and Practical Focus
UMi CEO Nicki Clark described FUEL as a departure from traditional trade expos, positioning it as a "get it done" series of workshops and meetings. The initiative is designed to offer business owners comprehensive support in a condensed timeframe, enabling direct conversations with investors and advisors.
"Too many brilliant businesses are held back by complexity, jargon, and missed opportunities," Clark noted. "Despite the UK's world-class financial services sector, many SMEs face persistent barriers to securing finance. FUEL helps them overcome these hurdles and confidently take the next steps toward growth."
The program targets businesses pursuing ambitious growth plans, managing cash flow challenges, or seeking diversification, providing them with the tailored support necessary to thrive in a competitive market.
