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Better Business Finance
– Providing practical support for businesses The supply of and demand for bank finance continues to dominate the SME debate. According to new independent research, only one in five small and medium sized enterprises sought bank finance over the last 12 months and that proportion is not expected to change very much in the near future. Of those SME’s, the majority succeeded in obtaining the loan or overdraft they were applying for, but business confidence is undermined by the economic environment here in the UK and further afield and this has led to a naturally reduced level of demand for finance.
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Here Angela Knight, Chief Executive of the British Bankers’ Association (BBA), explains what support is available to businesses and how they can get the finance they need. Better Business Finance A strong and growing small business sector is crucial to economic recovery, job creation and the UK’s future prosperity. That’s why the largest high street banks Barclays, HSBC, RBS, Lloyds and Santander - have come together with the BBA to roll out a package of measures over the last year tailored specifically to help start-ups, small and medium-sized businesses. The Better Business Finance (BBF) initiative is designed to provide SMEs with practical resources and support to help them grow and thrive - and give them the confidence to borrow. All of the support offered through BBF is free. A new mentoring scheme, appeals
process, and national roadshow are all highlights of the BBF campaign and more will follow throughout the year. You can find out more at www.betterbusinessfinance.co.uk
Free business mentoring for all BBF has launched a new network of free business mentors which can be accessed through an online portal, making it easier for you to find your local mentor. So far nearly 250 existing and recently-retired bank employees have been recruited and trained as mentors, and partnered with established not-for-profit mentoring organisations. And this is just the beginning - 1000 volunteers from the banking industry are being trained in the first year. www.talkbusinessmagazine.co.uk November 2011
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04/11/2011 15:22