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21 January 2014

Government lending schemes must be more streamlined, says FSB

Reference number: FSB PR 03/2014

Responding to the Public Accounts Committee report into SME lending, John Allan, National Chairman, Federation of Small Businesses, said:

"Recent FSB research shows hundreds of schemes available to support small and medium-sized businesses, but no clear mechanism for evaluation, co-ordination or communication either at the national or local level. At the central Government level the FSB agrees the British Business Bank should be the mechanism to simplify existing Government lending schemes and believes it should also provide information about alternative lending to small firms.

"The Business Department needs to clarify what the success measures are for existing schemes as well as for new schemes that are introduced. The FSB believes this must include total increased lending as well as how the schemes fit with each other. Above all, the British Business Bank must look at how these schemes are communicated to business so that small firms have much more awareness about the schemes which are available to them."