Justin Tomlinson MP visiting one of Swindon's most successful small businesses,
Bloomfields Fine Foods in Highworth
Justin Tomlinson MP today welcomes the launch of a new directory of around one thousand sources of commercial finance for small businesses.
Designed to help businesses find alternatives to conventional bank loans or overdrafts when these may be hard to obtain, the Directory covers leasing and hire purchase, commercial mortgages, asset-based finance and invoice discounting and factoring.
The Directory (www.smallbusinessfinancedirectory.co.uk) was developed by the Finance and Leasing Association (FLA) and the National Association of Commercial Finance Brokers (NACFB) with the support of the Asset Based Finance Association (ABFA). It aims to help around 60,000 businesses to find suitable commercial finance in its first year.
Businesses may need finance for a variety of reasons, including short-term cash flow or working capital, asset purchases, business development, the purchase of stock, and the financing of imports or exports. Research shows that most small businesses have some awareness of the types of commercial finance available, but often do not know where to find them.
The Directory aims to help them do just that. It is the first comprehensive Directory of its kind to cover the UK as a whole. It includes a search facility based on the region, town or postcode of local sources of finance and brokers. There are nearly 1,000 sources of finance listed and the directory is simple and free to use.
Justin Tomlinson MP said “As a former small business owner myself, I know how hard it can sometimes be financially. Often even healthy businesses can find themselves in difficulty with their cash flow when customers fail to pay their invoices on time. This is an excellent service to be able to turn to for help. It is vital to the future stability of our economy that small businesses have access to affordable finance.”
The Commercial Secretary to the Treasury, Lord Sassoon, said “The Government recognises that small businesses are the lifeblood of our economy. That is why we are providing support to small businesses to ensure that they can access affordable finance to invest and grow. I am delighted to help launch the Small Business Finance Directory, which will assist businesses to find alternative sources of finance. The Small Business Finance Directory has been developed at the request of local businesses and I wish the scheme success in meeting the target to help 60,000 businesses in the next twelve months.”
http://www.smallbusinessfinancedirectory.co.uk/.
