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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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