It is vital in this difficult credit and economic climate that the Government, banks and the public and private sector appreciates the importance of small businesses to the UK economy in terms of GDP and employment.
Ash Farag, Financial Affairs Chairman
Current work
> Access to finance
The FSB is working hard to ensure viable businesses are given access to affordable finance.
> Enterprise Finance Guarantee
The FSB called for a £1billion loan guarantee scheme in 2008 to help viable small businesses access finance which was not forthcoming from the banks. This took the form of the Enterprise FInance Guarantee in January 2009.
> Small Business Banking Principles:
The FSB has launched Seven Principles of Small Business Banking for banks to follow when considering loan and overdraft applications.
> Differing routes of finance
The FSB is looking at alternative methods of finance for small businesses such as asset financing, selling equity through the Alternative Investment Market and diverting European Investment Bank money through Regional Development Agencies.
These can be found in the FSB 2009 Budget Submission.
> Credit crunch poll
The FSB conducts regular surveys of its membership to discover banking trends and small business concerns.
Let us know if you have any comments to make about your bank - good or bad. All personal information will be kept confidential.
> Late Payments
Late payment of commercial debt is a big problem for small businesses and has been exacerbated by the current economic turbulence.
The Government has pledged to pay its own bills wiithin 10 days and launched a Prompt Payment Code to encourage companies to settle bills fairly following FSB pressure.
We encourage all small businesses to sign up to the Prompt Payment Code, and also encourage your supply chain to do so.
Download a leaflet from the Department for Business Enterprise and Regulatory Reform on the Prompt Payment Code.
Stakeholders
Department for Business Enterprise and Regulatory Reform
The Treasury
Bank of England
British Bankers Association
Association of British Insurers