Open up SME financing options, says industry taskforce

Open up SME financing options, says industry taskforce

Government must be better coordinated to help SMEs access different finance options

A SLEW OF MEASURES should be introduced to open up different financing options for business, according to an industry taskforce.

The Breedon Report, produced after a commission from Vince Cable’s business department, recommends improving government communication of its support programmes of financing options.

Access to capital markets should be improved for businesses, while a feasibility study should be launched to explore the possibility of an aggregation agency to pool funds to lend to SMEs.

“With government estimating that the finance gap could be between £84bn to £191bn over the next five years, action to improve access to finance can’t come a moment too soon,” said ICAEW CEO Michael Izza.

“Setting out the scale of the finance gap provides a powerful incentive for Government to make changes, and the report provides some interesting ways to address it in the long term.”

CBI director-general John Cridland said that the report represents the scale of the challenge of financing SMEs, and the government must now “drive this agenda forward”.

Access the report here.

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource