NACFB pushes government on SME financing goals
The National Association of Commercial Finance Brokers (NACFB) has pushed for the government to improve access to finance for small- and medium-sized enterprises (SMEs) ahead of a new MP-led inquiry.
The trade body has also called on the next government to do more to help SMEs source the funding that they need to grow and evolve.
Earlier this year, the Treasury Committee launched an inquiry into small business access to finance and SME lending, with a view to examining key challenges faced by SMEs, as well as the regulation of small business lending and the role the government can play in enhancing lending to small businesses.
Read more: Record 30pc of small firms offered finance at 11 per cent or more in Q2
The deadline for feedback closes on Sunday 13 August.
The NACFB has prepared a “compelling dossier of evidence” which draws on years of its own data and expertise. It has emphasised the role that commercial brokers can play in “diminishing barriers faced by SMEs in securing finance.”
“Whichever party assumes power next will have to grapple with the same problem: limited public funds for extensive policy measures,” said NACFB chair Paul Goodman.
“Instead, the imperative will be leveraging more effectively existing resources. The broker market – indeed all NACFB Members – stand poised, offering a ready solution to serve SMEs efficiently.”
According to NACFB data, in 2022 alone, NACFB members facilitated £45bn of small business lending.
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