Labour’s plan for the British Business Bank – Bibby Financial Services
In response to the result of the general election, Theo Chatha, chief financial officer, Bibby Financial Services said: “The Labour party now has an opportunity to drive economic growth through the UK’s resilient small and medium sized business community, and to support them in boosting output. But first, they must address key areas of concerns for SMEs, and access to finance is an area that requires attention.
“We know that for many SMEs, high street banks remain the first and only port of call, so there’s a strong opportunity for Labour to increase competition in the commercial lending sector and to enable SMEs to access a wider range of options.
That’s why we were encouraged to see Labour commit to strengthening the British Business Bank’s Bank Referral Scheme in January. But clearly, more still needs to be done to make it work effectively. Despite much effort from the British Business Bank and the designated platforms and lenders, the number of businesses the scheme has supported since its launch in 2016 has been hugely disappointing.
We would urge this government to develop a new scheme that includes input from a wider array of SME funders and commercial finance brokers, to ensure that the initiative delivers for SMEs. This would ensure Labour gives SMEs more choice and agency over how they finance themselves to grow and thrive.”