UK needs to promote other finance forms, says expert

Date: 29th September 2010

Small business operators working in a range of industries within the UK could be among those interested in the recent comments of one expert regarding access to funding.

Bibby Financial Services has claimed that UK businesses are currently in a "state of limbo" between limited access to bank funding and the forthcoming government Green Paper on business funding.

According to the organisation, action is needed to promote alternative forms of lending in order for the country's businesses to "survive and grow".

Edward Rimmer, Bibby Financial Services' UK chief executive, comments: "Looming spending cuts are likely to lead to a double-dip in the economy; action is needed on the issue of access to finance for UK businesses from Vince Cable and the government.

"They need to demand that banks release funds to provide this support, and also help educate businesses on other forms of finance open to them, such as invoice finance."

Posted by Jacob Williams