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.
