FPB welcomes regional financial intermediary service
Thu, 22 Oct 2009
The Forum of Private Business (FPB) has welcomed the introduction of a regional financial intermediary service for small companies.
Available via Business Link, the service offers intensive support for firms struggling to access finance and strives to build the relationships between them and the banks.
The announcement comes after the FPB's Economic Downturn Panel reported that 66 per cent of bosses would welcome more localised support from their banks.
Some 61 per cent of bank managers also want to better understand small businesses, the panel found.
Nick Palin, the FPB's director of finance, said the lack of availability of credit remains a concern to many businesses and the cost of finance is still high.
He added: "Many small firms are being rejected simply because of their size or industry sector. The Business Link financial intermediary service, delivered locally and for eligible businesses, is a welcome step towards helping banks re-engage with their small business customers.
"We're calling on the banks to get behind this initiative publicly, so that owners of viable yet struggling businesses are encouraged to explore the help that is available."
David Molian, lecturer in entrepreneurship at the Cranfield School of Management, recently called for additional credit to be made available to small businesses suffering from the effects of recession.
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