By Marcus Leach
The launch of the Business Growth Fund is a step forward in improving relationships between banks and business customers according to David Frost, Director General of the British Chambers of Commerce (BCC).
“The launch of the Business Growth Fund is another step forward in creating a better environment for UK business. This attempt to bridge the equity gap is a necessary piece of the financing jigsaw, and, if successful, will be of benefit to the entire UK economy," he said.
“There is still a real need for banks to improve relationships with business customers, ensure better access to finance, and provide better information. But we have to talk beyond targets. Without clear lending processes and more sensible decision-making at a local level, many businesses will still be reluctant to ask for loans and big net lending targets won't be met,"
“The Business Finance Taskforce committed to 17 actions to help UK business thrive and grow. However, the success of these measures relies upon banks, politicians and trade bodies cooperating to ensure change becomes a reality. Transforming the relationships between banks and business customers will not happen overnight.”