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Government seeks industry-led solutions for business finance
The Government has launched a Green Paper on access to business finance, which seeks opinions from businesses on the different ways of accessing funding in order to allow them to invest and create new employment opportunities.
The consultation sets out the range of finance options for businesses, and examines gaps in the market and whether existing schemes should be improved or extended.
Acknowledging that small and medium-sized businesses in particular face barriers when accessing finance, Business Secretary Vince Cable said, 'I've heard the problems businesses are facing in getting bank loans up and down the country. They need innovative ways to access finance from other sources to grow our firms and economy'.
George Osborne, Chancellor of the Exchequer, commented, 'As the economy recovers, it is crucial to ensure that the supply of finance supports rather than constrains demand and business confidence'.
'If businesses are to play their part in promoting economic recovery it is important that they are able to access a diverse range of finance choices in a stable macroeconomic environment.'
The closing date for responses is 20 September. Further details can be seen here: www.bis.gov.uk/businessfinance