Seema Malhotra – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Seema Malhotra on 2016-01-12.

To ask the Secretary of State for Business, Innovation and Skills, what steps he plans to take to improve access to finance for SMEs.

Anna Soubry

The Government is taking steps to improve financing opportunities for smaller businesses through the British Business Bank. The Bank is making business finance markets for smaller businesses work more effectively and dynamically and is already supporting £2.4 billion of finance to over 40,000 smaller businesses, and participating in a further £3.3 billion of finance to mid-cap businesses. It aims to facilitate up to £10 billion of finance by 2019. In addition, measures in the Small Business, Enterprise and Employment Act 2015 will require banks to refer customers who have been declined for a loan to alternative finance providers via designated platforms. This is expected to provide a significant boost to diversity and competition in business lending and is due to be implemented later this year.