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Bank charges and loans, Business News

Government to seek out credit for small business

Government to seek out credit for small business

The government announced this week that they are looking into options for small businesses looking for finance.

The Treasury launched a discussion paper, entitled “Developing non-bank lending channels for UK businesses.” The paper is asking companies to give their opinions on the best way to increase options for smaller businesses on the look-out for funding. The government would then look to introduce these proposals for policy reform later this year.

The Financial Services Secretary to the Treasury, Paul Myners, has said that large organisations operating in the UK have had a lot of success in:

“…accessing finance directly from credit markets with a surge in corporate bond issuances.”

He went on to say that despite this smaller companies have not been able to directly tap into financial markets or non-bank financing.

Hopefully this discussion paper might propel our current government into action; however, with the current public opinion of the Labour Party being at an all-time low there is a very good chance that they will no longer be in a position of power to put these proposals in place.

Related articles:

Small businesses show resilience in fourth quarter

Small businesses turn to their overdraft

Banks pull out of small business fund


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