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Government turns its attention to SME funding

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It has been reported that the Chancellor is considering forcing banks to refer SME’s to alternative funders if they are unable to fund them.

The Government is reported to be considering putting legislation in place to make it a legal obligation to refer SME’s to an alternative source of finance if the company in question cannot provide funding. 

Whilst the governments focus on the difficulties faced by SME’s in securing funding to allow them to trade and grow is welcome it remains to be seen whether this new proposed policy will make any difference to SME’s.

The lack of availability of bank funding has already meant that other institutions and sources of funding have become more mainstream such as asset based lending and crowdfunding.

An explanation of these opportunites are explained on our other blog 'Shake the Money Tree' 

Our dedicated banking and finance team can assist you in finding appropriate funding. If we can be of assistance please contact Jonathan Simms on 0113 336 3387 ( Corporate & Banking partner).
 

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