A new £200 million coaching programme aimed at helping up to 26,000 small and medium enterprises (SMEs) to reach their full potential, has been launched by the UK Government. The Growth Accelerator scheme is aimed at companies with opportunities for rapid and sustainable growth, hoping to create 55,000 additional jobs and boost the economy.

Business secretary Vince Cable launched the new partnership, which will see private sector business experts working alongside the Government and businesses to identify and overcome growth restraints. Ten local partners have been selected to deliver the scheme which will be funded by the Department for Business Innovations and Skills (BIS).

The coaching will address issues such as securing finance, spurring and capitalising on innovation and developing leadership and management skills. In addition, it will also provide support for businesses by fast tracking them to trusted providers of business advice, such as UK Trade Investment (UKTI), professional business advisors and networks such as the Technology Strategy Board and Angel Investors.

Business and enterprise minister Mark Prisk said the Government acknowledged that SMEs contributions towards a large proportion of the country’s economy and were important in creating jobs. “We want to make the UK the best place in the world to start and grow a business,” Mark Prisk said, “Entrepreneurs are the lifeblood of our economy and we are giving them the support they need to realise their potential.”

Mark Prisk also indicated that the Government was creating a network of thousands of business mentors, with the aim of launching a £10 million start-up loans scheme allowing young entrepreneurs access to business advice and capital.