03.04.2012
John Longworth, director general of the BCC (British Chambers of Commerce) today called for more action on access to finance for business as the BCC published its latest Quarterly Economic Survey.
Whilst the survey shows “encouraging” results for the first quarter of 2012, Longworth said that:
“Access to finance is still a real problem for many firms, and more must be done to mean that this doesn’t threaten recovery.”
Commenting on the figures, Ben Hughes, chief executive of the Community Development Finance Association (CDFA) which represents lenders to businesses and individuals excluded from mainstream finance said:
“Whilst it’s great to see a modest improvement in the UK economy, the BCC confirm CDFA’s evidence that access to finance is an enormous barrier to the recovery and growth of UK plc. 370,000 small businesses are unable to secure finance from mainstream sources. And micro enterprises – which make up 95% of Britain’s businesses – suffer particularly from this exclusion. That’s why CDFA’s JUST Finance campaign is calling for further measures to help grow the community development finance sector – the unsung heroes of the banking world – which – which has been successfully providing loan finance to financially excluded businesses for over 10 years in the UK.”
What next?
- CDFA’s JUST Finance campaign, including figures about business, social enterprise, and individuals facing financial exclusion is available here and easy ways to get involved are here.
- The British Chambers of Commerce Quarterly Economic Survey figures are available here.
- Looking for funding? Find your local cdfi at www.findingfinance.org.uk