Another week, another call for better business lending facilities in the UK. Pressure is growing on the state to do more to help boost SME finance after the EEF industry association entered the debate. What can it do? Perhaps successful British food company Higgidy should serve as an example?
The EEF, the manufacturers’ organisation for UK manufacturing companies, has called on the Chancellor to do more to stimulate business growth. The organisation has outlined a series of measures, including moves to boost competition in business banking, which it believes can turn around plummeting business confidence.
EEF’s business banking proposals appear to revolve largely around an enhanced sell of the Lloyds TSB branches and making it easier for dissatisfied customers to use alternative services. How this call fits in with the Chancellor’s recently announced plans to boost small business lending, which have been criticised by some, remains to be seen, but it will be interesting to hear the second phase of his review.
A sector that is already creating more competition in business banking is invoice finance. Shining a greater spotlight on this marketplace, in particular selective invoice finance, which is driving industry growth, would benefit small businesses in the UK.
One company that is benefiting from this service is British food manufacturer Higgidy. Famous for its range of traditional pies, the company has been helped by access to invoice discounting, according to a recent article in the Daily Telegraph. This small business finance product has helped it to maintain cash flow and overcome the difficulties caused by slow payers.
To find out more about Tandem Invoice Finance services, contact us on 0845 618 8515 or info@tandemuk.com.