British Business Bank outlines need for extra finance options for small businesses
In a new report, the British Business Bank has called for more finance options to be available to UK small businesses seeking to grow.
The Bank works to help increase the number of finance providers and finance options available to small firms.
Within its report, the British Business Bank found that ‘core debt products’ such as bank loans, credit cards and overdrafts remain the most frequently used amongst small businesses. However, since 2012 fewer businesses have opted to utilise these core products, the Bank found.
It also revealed that more than 75% of its stock of finance is provided by suppliers other than the four largest banks in the UK.
Keith Morgan, CEO of the British Business Bank, commented: ‘The diverse finance needs of our smaller business community are not always reflected in either the provision or take-up of available finance options, with pronounced differences seen across regions both in the supply and awareness of different finance options.
‘As the UK’s national economic development bank, we were created to improve finance markets so they better serve smaller businesses across the UK, enabling them to fulfil their growth potential.
‘We are committed to finding ways to support the market in increasing choice of both supplier and product, as well as raising small business awareness of the range of finance options available.’