By Adam Tyler, Chief Executive, NACFB.
A recent report from the European Commission has highlighted the vital role that the SME sector plays in job creation in the European economy, with SMEs (Small to Medium Enterprises) being responsible for over two thirds of employment in the private sector and providing 85% of net job growth.
With UK unemployment now at 8.4% and reports from the Forum of Private Business (FPB) stating that many SMEs are considering shedding jobs in the first three months of 2012, it is clear that the SME market needs to be nurtured to help job retention and future employment growth.
Adam Tyler, Chief Executive of the National Association of Commercial Finance Brokers (NACFB) said; “The correlation between SME investment and job creation is obvious; without funding lines, SMEs cannot invest in new equipment and remain competitive, cannot take on, or in some cases retain the existing staff, leading to a reduction in competitiveness and output and increased unemployment – all bad news for the UK’s recovery.
“The NACFB has been working hard on a number of initiatives aimed at creating awareness in the SME community of the funding lines that do exist. As an Association, we have 72 funders that our brokers can approach; funders that many businesses may not be aware of. The economic landscape has changed considerably in the last few years and we are working hard to raise awareness of the funding lines that businesses can access.
The traditional routes of funding such as approaching your business bank for an overdraft extension or business loan are becoming less and less viable but there are many other options available and our brokers can help businesses source this. A refusal from your business bank is not necessarily the end of the story and a professional well versed broker can access commercial finance from the whole of the market and in many cases save the client money”.
To find an NACFB broker that can help find funding for your business, please visit www.nacfb.org.uk or call: 01392 440040
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