Credit Access For Small Firms To Be Eased By Government Funding

Good news for smaller firms at the end of a busy week comes in the shape of government plans to ease the access of small firms to credit by channeling investment directly into them.

The idea apparently is to deliver funding directly from HM Treasury – bypassing high street banks completely. However, details on how the scheme will operate are still at an early stage and further detail is expected to emerge on 29 November.

HM Treasury believes the programme could inject “billions” into small firms and would help shrink fears of a second credit crunch sparked by the euro zone debt crisis.

The plan was announced by Chancellor George Osborne at the Conservative Party conference in Manchester, as part of a package of proposals aimed at helping struggling small businesses. Many will see the credit easing proposal as an acknowledgement by the Government that the UK’s banks have failed to lend to small firms.

Wanobe.com welcomes the proposals but we would like to see greater clarity about how they can be made to work. The last thing small firms need right now as they struggle to make ends meet in a downturn being called worse than that of the 1930s is more political ‘fluff’ – words without action are, frankly, meaningless.

Wanobe.com is also moving forward on following up on its call for a national Small Business Owners Day to be held to celebrate the immense contribution SMEs – and micro businesses in particular – make to the British economy.

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About Wanobe, the business knowledge network
Writer, journalist and broadcaster, sixty-something David likes nothing better than being with family and friends, eating out and drinking great wines, and scuba diving.

One Response to Credit Access For Small Firms To Be Eased By Government Funding

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