By Claire West

Commenting on the report from the Banks' Business Finance Taskforce Miles Templeman, Director-General of the Institute of Directors said:

“The Taskforce’s report sets out a number of welcome improvements to the service banks offer to small businesses. The IoD particularly welcomes the creation of a £1.5bn Business Growth Fund and the banking community’s desire to work with all business organisations on the development of a network of business mentors.

“While today’s recommendations are a step in the right direction, we must not fool ourselves into thinking that these measures alone will offer a silver bullet to the problems of access to finance, cost and the levels of personal securities still being requested.

“The IoD looks forward to working with the BBA and the banking community as part of the Business Finance Round Table and delivering on the proposals set out in today’s paper.”