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Small business group welcomes new ‘Finance Fitness’ scheme
The Forum of Private Business (FPB) has welcomed the Government’s new Finance Fitness
initiative, which aims to improve the finance and cash flow issues faced by small businesses.
The Government recently announced a new business growth package for SMEs which
includes the Finance Fitness campaign, aimed at improving access to finance for SMEs,
together with a £95m investment from the Regional Growth Fund to support SMEs looking to
invest in new capital assets, which will be facilitated by a number of High Street banks on a
pro-bono basis.
The Finance Fitness scheme will offer advice and best practice guidance on cash flow
management and accessing different sources of finance.
However, the business group has warned that banks will need to deliver on their pledge to
increase lending if the scheme is to make any real difference to firms.
The FPB is also calling for firms to be proactive, by providing thorough financial projections
and accurate financial information to lenders.
Alex Jackman, FPB Senior Policy Adviser, said, ‘The Forum is still calling for greater
collaboration between banks and businesses and a return to proper relationship banking.
This would help ease the punitive risk criteria lending we have seen in recent years, and
subsequently bring down lending costs’.
We can help with cash flow planning – please contact us for further advice and assistance.