It is reported that the Government is launching a taskforce to enhance funding for SMEs. The initiative aims to provide an additional £1bn in lending over five years. The idea is to augment the current low borrowing rates among small firms. The taskforce will collaborate with banks and Community Development Finance Institutions to improve access to finance, particularly for underserved communities. Blair McDougall, Minister for Small Business, said the initiative will help “unlock unprecedented levels of capital for our start-ups and scale-ups, giving rise to a new generation of entrepreneurs.”

BFS Comment:

About time too, but £1bn over 5 years? “Not a lot” to put it mildly!Having said that, anything that is designed to support hard-pressed SMEs is to be encouraged. As we know, many have been hit hard recently by increased costs of employment, taxation and other operating costs. If you are struggling to raise finance for cashflow, growth or even business recovery then call BFS on 01327 349779 or e-mail enquiries@bufinserv.co.uk and request a free consultation on the options available to you.

#cashflowforSMEs #fundingforgrowth #SMEfinance