Small firms to seize £2bn in non-bank lending
According to Alternative Business Funding (ABF), Britain’s small business sector could benefit from an extra £2bn in growth capital as pressure intensifies on UK banks to refer companies that have been refused a loan to alternative finance providers. ABF said that new “bank referral” legislation could fast-track more than 100,000 SMEs to these alternative lenders, if it was properly enforced. Adam Tavener, chairman of ABF finance partner pensionledfunding.com, has called on whichever party wins the General Election to ensure that the legislation is pushed through quickly, or risk damaging the country’s small firms. “It is vitally important that the party or coalition government elected in May drives the implementation phase through as quickly as possible,” he said report Harris & Co chartered accountants Northampton, the specialist small business accountants.