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Upcoming Emergency Budget comments from SME finance expert PDF Print E-mail
Friday, 03 July 2015

Tracy Ewen, managing director of IGF Invoice Finance, comments on the upcoming Emergency Budget:

“With the government bringing out its Emergency Budget next week, there are a number of actions we want to see in order to give SMEs the support they need to grow.
 
"Firstly, there needs to be definitive legislation on prompt payments from blue chip companies that will protect SME suppliers from late payers. The current terms that many small businesses are subjected to are neither fair nor sustainable, but it is a reality that they have very little power to change. It is up to the government to stand up for SMEs and deliver on their legislative promises.
 
"Next, the government needs to provide support and easy access to finance that is geared towards the smaller SMEs, not just the financially astute. The ruling that banks must now direct firms towards alternative finance providers is a step in the right direction, but the approval rate of these referrals be monitored to ensure the scheme is a success.
 
"These steps will help the government demonstrate that it’s truly committed to seeing SMEs in the UK develop, grow and thrive.”

(Source - IGF Invoice Finance Media Release)

 
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