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25 June 2013

FSB Wales responds to Access to Finance Review

Reference number: PR25062013

Federation of Small Businesses
FSB Wales responds to Access to Finance Review

Responding to today's report from Professor Dylan Jones Evans Federation of Small Businesses Welsh Policy Unit Chair Janet Jones said:

"The Federation of Small Businesses in Wales has welcomed the Access To Finance Review Stage 1 Report from Professor Dylan Jones-Evans"

"FSB Wales welcomes this report from Professor Dylan Jones-Evans, who has listened carefully to the voice of small businesses in coming up with his 16 recommendations.

"Our members are all too aware of the difficulties that small firms face in accessing finance, and this comprehensive report highlights many areas of particular concern to small businesses across Wales.

"It shines a spotlight on the difficulties that micro-businesses and start-ups face when trying to secure funding from high street banks, and recognises that there is little evidence of local decision making by banks when it comes to lending to small firms.

"The report also raises some good ideas when it comes to non-bank forms of funding, in particular the notion of a commercial lending portal for SMEs and the suggestion that all contractors in the Welsh public sector should pay suppliers within 30 days. The idea of a loan scheme to encourage start- ups would be welcomed by our members.

"Professor Jones-Evans is also correct to identify that there is a shortage of data on the Welsh economy, and FSB Wales wholeheartedly backs his call for the need for accurate data to be collected at a regional level.

"It is essential that the Minister acts on the points which are raised in this report, as it is vital that the lifeblood of finance reaches small firms if our economy is to grow. We want to see concerted action from Edwina Hart and her officials. The Professor has rightly identified many of the problems and action is needed as a matter of urgency."