Cable calls for SME and banking collaboration to improve finance flow
Vince Cable calls for removal of barriers between SMEs and banks, to improve the flow of finance to businesses
BUSINESS SECRETARY Vince Cable has attended the first Doing Business Together event aimed at providing SMEs with more access to finance.
The event, organised by CreditPal’s Chris Poll, will bring together SME representatives, banks and credit rating agencies to discuss what information is required from businesses to gain access to finance, and how to facilitate the flow of information.
“There it too much misunderstanding and even mistrust between banks and their clients, which creates a barrier holding back firms, banks and the wider economy,” said Cable.
“The operating principles of Doing Business Together describe how these barriers can be broken down by taking a few clear, commonsense steps,” said Cable. “I will be watching its progress with interest.”
“Organisations who attended this morning included around 100 local Richmond-based SMEs included the Department for Business, the British Bankers’ Association, the five big banks, ACCA and the forum of Private Business.
The credit industry was represented by the Institute of Credit Management, Euler Hermes, Chartis, Coface, Marsh, RKH, Dunn & Bradstreet, Graydon and the Asset Backed Finance Association.
“We are pleased that the cross profession Doing Business Together group has established clear principles that will help improve the delivery of financial information and ultimately improve the finance options for SMEs,” said Andrew Leck, head of ACCA UK.
“The priority now should be to demonstrate to SMEs the importance of financial information when seeking finance and for us all to take a more proactive approach to ensuring the access to finance door remains open.”
