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New taskforce 'will help small businesses' PDF Print E-mail
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Latest Recruitment News - HR and Recruitment Legislation News
Written by DirectNews Feed   
Thursday, 01 April 2010 00:00
New taskforce 'will help small businesses'A new advisory taskforce was launched today by the Department for Business (DFB) to help small businesses access financing from banks.

The team, comprising of enterprise champion Lord Sugar, Lloyds TSB deputy chief executive Mike Fairey and Federation of Small Business chairman John Wright, will make recommendations to the government to ensure that small companies are treated fairly.

This will include the taskforce providing advice on how the new Small Business Credit Adjudicator (SBCA) - which was introduced as part of the 2010 Budget - should be facilitated and who should sit on the independent panel.

It will also continue Lord Sugar's recent work regarding small firms with Business Link's Financial Intermediary Service (FIS) and the banks.

Government data shows that most small and medium enterprises are already able to access finance from banks, but there have been cases where viable businesses have had their requests rejected. The main aim of the new taskforce, along with the SBCA, is to stop this from happening in the future.
Business Secretary Lord Mandelson said: "Lord Sugar, Mike Fairey and John Wright have decades of experience in banking, business and enterprise. They understand the critical importance of new finance and credit flow to the growth of small, innovative companies."
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