Small businesses get helping hand with strengthened debt advice

Small businesses struggling with finances to receive £4 million funding boost to business debt advice services through the Money and Pensions Service.

Small businesses and the self-employed struggling with their finances to receive a helping hand through new £4 million funding boost to business debt advice services through the Money and Pensions Service.

The funding will go towards expanding access to expert support to help them get back on track, giving a leg up to an additional 16,000 businesses over the next three years to total 75,000 businesses.

Economic Secretary to the Treasury Rachel Blake said:

From the plumber fixing your radiator to your local café, small businesses are the backbone of our economy, and we know they sometimes need a helping hand when times get tough.

We’re building on the success of our expert debt services to help tens of thousands more get back on their feet.

Money and Pensions Service CEO Oliver Morley said:

When financial pressures mount, knowing where to turn can make all the difference.

This vital funding will help more small business owners and sole traders get trusted advice when they need it, so they can regain control of their finances and plan for the future.

The Financial Inclusion Strategy has highlighted the need, and our long-term ambition, to deliver more debt advice for small business owners.