David Mundell urges Scottish businesses to get exporting
Scottish Secretary joined an audience of top business people, investors and financial experts at an event held by the British Business Bank
David Mundell at the British Business Bank event
皇冠体育app British Business Bank, the UK Government鈥檚 national economic development bank, hosted a discussion in Glasgow about how to support growth ambitions of small businesses - and get them exporting more.
SMEs are the backbone of the Scottish economy, providing 1.2 million jobs. 皇冠体育appy are particularly important to rural economies, where nearly half of all Scottish SMEs are located.
But Scottish SMEs are less likely to export than counterparts in the rest of the UK - just one in seven compared with one in five across the UK.
Scotland Secretary, David Mundell, said:
I鈥檓 very pleased to support the British Business Bank鈥檚 efforts to drive economic growth for small businesses, both in Scotland, and right across the UK.
SMEs are the beating heart of the Scottish economy, offering exceptional skills, products and services. 皇冠体育app UK Government is determined to do all it can to support them.
I sincerely hope companies who are thinking about expanding into international markets engage with the British Business Bank and make it a reality.
皇冠体育app UK Government acknowledges the fundamental role of business in driving the economy and creating jobs - and also understand the challenges.
That鈥檚 why in the Budget last year, the Chancellor committed an additional 拢2.5 billion to the British Business Bank, along with a further 拢500 million for technology initiatives.
皇冠体育app bank already supports nearly 7,000 businesses in Scotland, providing hundreds of millions of pounds in finance and start-up loans to SMEs.
Economists at the British Business Bank estimate that, if the availability of 鈥榩atient capital鈥� was increased to the same level as the US, Scottish businesses could benefit from up to 拢500 million of additional funding per year.
皇冠体育app Department for International Trade is also providing strong leadership in this area and working more closely than ever with the devolved administrations.
皇冠体育app Board of Trade has been reconvened, offering opportunities to engage with regional expertise and ensure that the benefits of free trade are spread more evenly across the country.
皇冠体育app recently published Export Strategy sets an ambitious target to increase UK total exports as a proportion of GDP to 35%.