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British Business Bank hails asset finance as part of the investment recovery story

9 December 2014

Commenting on the Small Business Finance Markets 2014 report, the first in an annual series by the British Business Bank, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:

“We welcome the British Business Bank’s recognition that asset finance (leasing and hire purchase) is a market solution to the problem of small business lending, that it has a very high application success rate for the many SMEs which already use it, and is an important part of the UK’s investment recovery story.

“The BBB also recognises that asset finance will play an important role in the small business finance markets in future, and we look forward to continuing to work with them to ensure that even more SMEs are made aware of the advantages of asset finance.”

Note to editors:

1. The British Business Bank launched the first in an annual series of reports looking at funding for small businesses http://british-business-bank.co.uk/british-business-bank-research-finds-almost-half-british-smes-making-plans-grow-2015/
2. In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £22.4 billion of finance was provided to businesses and the public sector. FLA members financed almost 27% of UK investment in machinery, equipment and purchased software in the UK last year.