Act now to save small businesses & start-ups - CBILS not available to so many...

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Small innovative businesses in the UK are in freefall – we are asking the government to act fast to help save them. 

The Coronavirus Business Interruption Loan Scheme (CBILS) cannot be accessed by many small and innovative companies that do not meet all of the criteria.  And yet these companies, some of the most innovative in the UK, contribute up to £196 billion to the U.K. economy every year. Instead they rely on funding from private investors who participate in government initiatives such as the Enterprise Investment Scheme (EIS).

Historically, for every £1 invested by a member of the public via EIS, the government benefits with £4 back in tax revenue.  The EIS programme has raised over £20bn to date, helping over 29,000 businesses. Young and innovative enterprises create jobs; for each £1m invested into these companies on average 9 new jobs are created.  

Disruptive start-ups are key for UK growth, they are key for a recovery from the CoVid-19 crisis. It is clear that the government-backed EIS fills a funding gap that these businesses rely on.

But the CoVid-19 tragedy has, unsurprisingly, seen investor appetite fall off a cliff. As a result, the very start-ups that can help aid post virus recovery are failing quickly  - because they simply cannot access capital.  

We are asking for you to please support this petition which calls on the government to increase the EIS initiatives available to small company investors, and hand start-ups a lifeline during the coronavirus crisis. They in turn will be the lifeblood of our future economy.

By unleashing public support for small innovative businesses through EIS relief we can very significantly reduce the burden on the public purse; further supporting future economic stability.

The EIS Association and its members wrote to the government on Friday 20th March recommending a temporary increase in income tax relief to 60% for those investors that support small businesses now. Vala Capital went further, writing to the Prime Minister and the Chancellor to request 80% income tax relief to stimulate investor support. If adopted this initiative could see up to £1bn committed to thousands of small companies that have no other support available to them.

Thank you for your support.  Stay safe.