Government needs expertise of financial services organisations to help coordinate SME funding schemes

Commenting on the publication of two reports from the National Audit Office which examine the coordination of business support schemes by Government, and the impact of the British Business Bank on SMEs’ access to finance, Simon Goldie, Head of Asset Finance at the FLA said: “Greater coordination between the Department for Business, Energy and Industrial Strategy (BEIS) and HM Treasury would be a good starting point, but Government really needs to harness the expertise of financial services organisations to help them assess the effectiveness of their existing schemes, and to provide some fresh thinking on how to integrate existing networks like the UK’s Growth Hubs and Local Enterprise Partnerships into the broader effort to help SMEs find the right funding at the right time.”