BCC: Latest funding figures brighter, but businesses need more access to finance
Friday 29 May 07:55
Responding to the latest Bank of England figures on the Funding for Lending scheme, John Longworth, Director General of the British Chambers of Commerce, said:
"Over recent years lending to SMEs has consistently fallen, so it is brighter news to see that decline arrested at the start of 2015 and lending increase. However, if our young, fast-growing businesses are to reach their potential then much more needs to be done to make sure they can get access to the finance they need. We need to have the funding mechanisms to back their ambition.
"We need to see improved competition in banking, make sure businesses can get to retail bond markets, and, crucially, ensure there is sufficient backing for the British Business Bank so that it can match the aspiration of our future high-growth wealth creators, and provide the access they need to non-equity finance."