Thursday 5 December 2013
Small and medium-sized businesses (SMBs) are still not getting the financial support they need to maximise their potential, it has been claimed.
John Longworth, director general of the British Chambers of Commerce (BCC), said that while overall lending is rising, the improvement in credit availability is being felt most by "the usual subjects".
Rather than SMBs gaining the credit they need to commit to expansion plans, finance is being made available to large businesses, he suggested.
"Young, high growth businesses that could be the wealth creators of tomorrow are still being left out in the cold when trying to access finance," Mr Longworth stated.
"Lack of access to long-term patient capital is a particular problem for small firms who want to expand, and this cannot continue."
Mr Longworth expressed hope that the re-focusing of Funding for Lending Scheme towards business lending, and the extra £250 million made available to the British Business Bank, will help improve the situation.
He claimed that both measures are evidence that policymakers are listening to SMBs about the continued difficulties they face in accessing finance.
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Posted by Steve Williams