RegulationBusiness RegulationOpen 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

Open up SME financing options, says industry taskforce

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.

 

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