Posts Tagged: ‘Downing Street’

Awareness of Business Finance

February 20, 2015 Posted by admin

Adam Tyler, the CEO of the National Association of Commercial Finance Brokers (NACFB), went to 10 Downing Street on 4 September 2013 to discuss financing and funding for SME’s and the need for better understanding of options that are available.
Mr Tyler explained that there is lack of knowledge and information regarding funding options that is available. Which he feels is one of the main factors holding back SME growth and the economy in general. There are a lot of financial requirements for all types of businesses but just don’t know where to go to get help. We need to enable and help businesses to gain access to commercial finance via an approved independent UK broker.
Mr Tyler was asked to attend a meeting for financial innovators to discuss how businesses in the UK would benefit from having more knowledge regarding commercial finance and how important it is for the industry to keep the UK at the forefront of financial innovation. He was also joined by other senior regulators including FCA chairman John Griffith-Jones senior representatives from HM Treasury and the Department for Business, Innovation & Skills.
Gaining access to finance for SMEs is a major factor for the economic recovery. This is an urgent problem and is getting out of control. There are too many businesses that are going to administration or being liquidated because of lack of knowledge of finance that is available to them. Business owners and finance directors don’t really understand the finance market and the alternative forms of finance to include invoice factoring, invoice discounting, asset finance or re-financing any machinery or equipment and vehicle leasing, these type of finance helps unlock cash into the business and gives the business a cash injection. Businesses can really benefit from these kind of finance but there needs to be more promoting regarding alternative finance for business owners thus making sure the economy strives and get it back to booming again. Commercial finance also helps business owners to expand their business further. At the meeting Mr Tyler expressed the importance of improving this understanding and to make sure that all businesses knows that there are other options that are available. NACFB have been creating The Small Business Finance Directory. It’s the only resource of its kind, so we need to be encouraging small businesses to use it.�
On 5 September Mr Tyler also met Patrick Magee of the Business Bank, a Government institution aimed at easing the credit crunch on SMEs by way of supporting and developing of diverse debt and equity finance markets for businesses, promoting competition and increased supply through new commercial finance providers and brokers.