BBB support for leasing and hire purchase is welcome, but an online directory of business lenders would help even more UK SMEs find the finance they need

Commenting on the publication of the British Business Bank’s Small Business Finance Markets Report 2015/16, Simon Goldie, Head of Asset Finance at the Finance & Leasing Association (FLA), said:

“We welcome the BBB’s report, which highlights the huge and growing contribution leasing and hire purchase make to the UK economy, by helping SMEs prosper and grow.

“We agree with the BBB that even more needs to be done to ensure businesses are aware of the benefits of these flexible and convenient forms of finance, and where to get them.

“We have therefore suggested that the BBB should run an impartial and comprehensive online directory of funders, giving SMEs easier access to the full range of finance options available to them.

“We also agree with the BBB on the importance of finding ways to promote SME growth in the regions. We welcome the establishment of the Northern Powerhouse Investment Fund but we hope more will be done to help replace the successful Regional Growth Fund.”

 Notes to editors

1. The British Business Bank’s Small Business Finance Markets Report 2015/16 was published on 2 February 2016
2. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing a third of total new consumer credit written in the UK in 2014. £26 billion of finance was provided to businesses and the public sector. FLA members financed more than 30% of UK investment in machinery, equipment and purchased software in the UK in 2014.