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28 March 2014

FSB welcomes new consultation on access to finance

Reference number: PR 2014 18

FSB News Release
PR 2014 18
 
Issue date: Friday 28 March 2014
 
FSB welcomes new consultation on access to finance
 
The Federation of Small Businesses (FSB) welcomes an announcement by the Chancellor to launch a consultation later today on measures to help small firms who have been rejected for a business loan.
 
Speaking at the FSB's 40th anniversary conference later this morning, the Chancellor George Osborne is expected to announce a way to make it easier for small businesses to find alternative loan providers. The consultation asks whether the government should legislate to ensure lenders release information on small businesses they reject for finance. That way viable firms can be identified and approached by alternative lenders.
 
John Allan, National Chairman, Federation of Small Businesses, said:
 

"Accessing finance is essential for small firms to invest and grow. Recent years have seen those firms struggle to get hold of the finance they need. While lending to small businesses is dominated by the big five high street banks, today's announcement could help businesses find alternative lenders and introduce more competition into the market."
 
ENDS
 
Notes to Editors
 
1. The FSB National Conference takes place on 27 to 29 of March 2014 at Manchester Central, Petersfield, Manchester. More information is available at http://www.fsb.org.uk/conference2014
2. The FSB is the UK''s leading business organisation with around 200,000 members. It exists to protect and promote the interests of the UK''s Real-Life Entrepreneurs, and all those who run their own business. More information is available at www.fsb.org.uk
 
ISDN facilities are available for broadcast media interviews

 
Media contacts:
Liesl Smith: 020 7592 8128 / 07917 628926 liesl.smith@fsb.org.uk
James Gribben: 020 7592 8121 / 07854 987974 james.gribben@fsb.org.uk
Lucy Bell-Reeves: 020 7592 8116 / 07525 801773 lucy.bell-reeves@fsb.org.uk
 
For regional FSB contacts please go to www.fsb.org.uk/regions