The latest report from the Business, Innovation and Skills (BIS) Select Committee highlighted some of the issues facing UK-based small and medium-sized enterprises (SMEs).
Members of the BIS were tasked with looking at the way the Government supports business. They particularly looked at provisions for manufacturing, exports and access to funds, as well as the efforts being made to promote local growth.
Currently, there are over 600 schemes being run to help firms to grow and prosper. Yet the committee found that most of these schemes were not clearly explained to business owners, which meant that they could not benefit from them. The committee noted that the Government’s approach was largely positive, but it was unfocussed and confusing for entrepreneurs.
The chair of the BIS Select Committee, Adrian Bailey, had this to say about the difficulties firms were facing when it came to accessing finance:
“The experiences of SMEs trying to access finance from the banks is still mixed. The Government needs to tackle this lending problem by capitalising on the British Business Bank’s expertise and creating clear signposting so that businesses are aware of the alternative finance providers which could help them.”
However, it was highlighted that many SMEs are still unable to access capital from traditional institutions. At DJB, we provide access to alternative forms of financing, such as asset leasing, which businesses of all sizes can access to secure the funds they need to grow. You can find out more our asset finance solutions by giving us a call.
Witten by Mark on