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Calls for fairly distributed access to finance
A report on Access to finance by the Business Energy and Industrial Strategy (BEIS) Committee has said that improving access to finance for small and medium sized businesses (SMEs) outside London and the South East are both test and opportunities for the government.
The BEIS Committee urges that addressing regional disparities in access to finance will enable entrepreneurs to start and grow their own businesses, which will have an important role in rebalancing economic growth across the country.
The report suggests that disparities are not only geographical, but also relate in terms of SME growth, with the Committee hearing evidence of a particular problem of SMEs struggling to secure £10 - £25 million funding to scale-up. The report says the government must identify the strengths and weaknesses of the entire finance ecosystem and target intervention where problems, such as in providing the resources for high growth small businesses wishing to scale-up, are found.
The Committee also calls for Government action to improve access to information and advice on the finance options available to SMEs, which can be a more significant barrier to gaining the necessary capital then the availability of funding itself.
Iain Wright MP, chair of the BEIS Committee, said: “Our inquiry showed that access to finance is not as fundamental a barrier to business growth as it was a couple of years ago. However, serious problems remain.
“If the Prime Minister is serious about building an economy that benefits the UK as a whole, then improving access to finance for businesses outside London and the South East will go a long way to achieving this. The willingness of the government to intervene in this clear market failure represents a test and opportunity in the context of its next industrial strategy.
“The government must also make sure funding is available not just for entrepreneurs wishing to start their own business but also for established high growth small businesses with the potential to scale-up.”
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