After years as an Accountant I now take pleasure in making a difference and Channel:Lincolnshire is my hobby and my work a brilliant mix.
Website URL: http://www.channellincolnshire.co.uk
FEDERATION OF SMALL BUSINESSES
FSB LINCOLNSHIRE REGION PRESS RELEASE
Press Release Number FSB/102/PR2012/1050
For immediate release: 16th March 2012
Small businesses call for Government to implement findings of independent Taskforce on non-bank lending!
The Federation of Small Businesses (FSB) welcomed the report, published today, from the independent Taskforce on non-bank lending and called for Government to implement the findings of the report right away.
“We very much welcome this report as the recommendations chime closely with changes the FSB has called for to open up finance for small businesses” said Doug Balderson, Lincolnshire Region Chairman of the Federation of Small Businesses.
“Bold action needs to be taken to ensure a behavioural shift so that firms know what alternatives to bank finance are available.”
“Putting the Government’s financial products under an umbrella organisation and looking at a pilot SME bond scheme, which works well in other countries, is a good step forward and we urge the Government to take forward the recommendations as soon as possible.”
The Taskforce, chaired by Tim Breedon, CEO of Legal & General plc, was commissioned by the Government to examine a range of alternative and sustainable finance sources, particularly for small and medium-sized enterprises (SMEs).
Bank lending is by far the largest source of external finance currently used by businesses, but the Taskforce believes there is significant potential to develop both the demand and supply of non-bank lending to match the financial landscape of countries like the US.
The main recommendations from the Taskforce's report to Business Secretary Vince Cable are:
• Increase awareness of alternative financing by creating a single brand and a single business support agency to deliver the Government's range of SME finance programmes, drawing on international examples such as Germany's KfW.
• Industry to establish a Business Finance Advice network, comprising the main accountancy bodies.
• Open up access to capital markets financing for smaller companies through the creation of a body to bundle and securitise SME loans.
• Consider the potential for the Government's Business Finance Partnership to invest in innovative products such as mezzanine loan funds and peer to peer lending.
• Encourage large businesses to support smaller companies by reinforcing prompt payment practices, supporting greater use of invoice discounting and utilising supply chain financing to invest in smaller suppliers.
• Government and industry to review the impact of international prudential regulation such as bank and insurance capital rules on the supply of SME finance.
• Increase the UK retail investor appetite for corporate bonds.
Business Secretary Vince Cable said:
"We need to reshape the UK's finance landscape to better serve the needs of ordinary businesses, helping more companies find the support they need to start and grow.”
"Tim Breedon's Taskforce has brought together industry, investors and advisers to provide evidence and ideas on increasing the range of finance sources available to small businesses. I thank them for their hard work and detailed recommendations, and I hope this will represent a turning point in business finance in this country."
Tim Breedon, Chairman of the non-bank lending Taskforce, said:
"There is compelling evidence that access to finance is expected to become more acute as business confidence and growth returns, whilst continuing bank deleveraging is likely to leave a significant funding shortfall.
"Whilst there is no silver bullet to addressing this issue, we have made a number of recommendations which I believe will collectively help open up alternative financing channels for UK SMEs."
The report anticipates growth in demand for finance as the economy recovers, and the expected constraint on availability from banks as they deleverage could create a finance gap for businesses of £84 billion to £191 billion over the next five years.
The Taskforce's recommendations on increasing the supply and take-up of alternative sources of finance are aimed at closing this gap.
- ENDS -
Notes to Editors:
The FSB is Britain's biggest business organisation with nearly 6,000 members in its’ Lincolnshire Region and almost 200,000 members nationally.
It exists to protect and promote the interests of the self-employed, and all those who run their own business. More information is available at www.fsb.org.uk .
The full report can be accessed at http://www.bis.gov.uk/businessfinance
Michael Self, FSB Development Manager, Lincolnshire on 01636 610417.
Doug Balderson, FSB Lincolnshire Region Chairman on 01778 560507.
David Dexter, FSB Lincolnshire Regional Policy Chairman on 01522 789974.
FSB London Press Office:-
Established Lincolnshire Business ROI Landscapes and Ground Maintenance have a new strand to their business, Pond Works.
Owners Derek and Fiona Worsley are based in the wonderfully named village of Thimbleby just outside Horncastle on the edge of the Lincolnshire Wolds.
As UK business became aware that the care of grass was important on a number of levels, then new businesses sprang up providing everything from growing turf to after sales services – to you and me that may just be cutting the grass but to the experts there is so much more.
Cutting to the chase ROI have been successful working across the Lincolnshire, Nottinghamshire and Cambridgeshire and they have now added Pond Works to help people and businesses care for their water features from lakes to ponds.
So whether you need someone to clear out your pond, enlarge it reduce or just build one for you the Pond Works would be happy to talk to you.