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|Autumn Statement - SME funding is vital for the UK economy, so must be a priority|
|Thursday, 24 November 2016|
John Nelson, Managing Director - Asset Based Lending at Independent Growth Finance, comments on the recognition of the value of SMEs to the UK economy, as outlined in the Autumn Statement 2016: “£400m injected into venture capital funds via the British Business Bank is great news for SMEs. Philip Hammond’s argument that start-ups need access to funding and resources to grow is correct - but it is important to remember that each business is different, and therefore their financing requirements are likely to be different in turn.
“SMEs form the heartbeat of the UK economy and as such, their funding needs must be a priority. The Bank Referral Scheme is undoubtedly a step forward in recognising the value of alternative financiers lending to SMEs, but more must be done to make small businesses aware of the options available to them. As not all start-ups and small businesses will be eligible for the funding opportunities laid out in this year’s Autumn Statement, business owners must consider alternative finance streams in the new year.”
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