TYLER BRIEFS 10 DOWNING STREET ON THE NEED FOR BETTER UNDERSTANDING OF SME FINANCE
The CEO of the National Association of Commercial Finance Brokers (NACFB), Adam Tyler, visited 10 Downing Street yesterday (Wednesday 4th September 2013) to advise the Prime Minister’s policy gurus on small business funding.
Tyler briefed the government on the lack of knowledge of all the funding options available to SMEs, which he feels is one the main factors holding back SME growth and the economy in general. He pushed the cause of the NACFB’s own Small Business Finance Directory, created to enable small businesses to gain access to commercial finance via an approved independent UK broker.
Tyler was asked to attend a summit for financial innovators to discuss how the industry and government keep the UK at the forefront of financial innovation. He was joined by senior regulators and policy makers including FCA Chairman John Griffith-Jones as well as the Number 10 policy unit, and senior representatives from HM Treasury and the Department for Business, Innovation & Skills.
Adam Tyler, CEO of the NACFB said, “Gaining access to finance for SMEs is a major factor for the economic recovery. It is an urgent problem, but sadly too few business people really understand the SME finance market – particularly alternative forms of finance. At the meeting I stressed the importance of improving this understanding, and the options that are available to small businesses. We’ve led the way by creating The Small Business Finance Directory. It’s the only resource of its kind, so we need to be encouraging small businesses to use it.”
Aside from its attendance at the government summit, the NACFB is already represented on several All Party Parliamentary Groups including the Small Business Group and the Micro Business Group chaired by Anne-Marie Morris, an MP who has commissioned the association to produce a guide on accessing commercial finance. The association is also involved in the distribution of funds raised through the Business Finance Partnership, a fund developed by the Business Bank to help lenders source more funding for SME’s..
This morning (Thursday 5th September), Tyler is due to meet members of the Business Bank, a government institution aimed at easing the credit crunch on SMEs by supporting the development of diverse debt and equity finance markets for businesses, promoting competition and increased supply through new finance providers.
The news follows an announcement from the NACFB earlier this week that it has hired The Wriglesworth Consultancy as its retained public relations consultancy.