A full copy of the SME Finance Monitor is available at: http://www.sme-finance-monitor.co.uk/

The BBA Taskforce was set up in July 2010 to review the key issue of bank finance and how the banks could help the UK to return to sustainable growth. It has made a commitment to fund this independent survey to identify (and track) business demand and needs.

The SME Finance Monitor is a series of independent quarterly reports of which this is the fifth.  5,000 telephone interviews were conducted for the research between April and June 2012. Quotas were set by size, sector and region, to a carefully constructed sample design that ensured that sufficient interviews were conducted with businesses of all sizes to allow for robust analysis. The results have then been weighted to be representative of SMEs with up to 250 employees and a turnover of less than £25 million. The respondent was the person identified as the main financial decision maker. In total 25,088 surveys have been completed since the research began.

A further 5,000 interviews are currently being conducted between July and September 2012. Results will be reported in December 2012.

The survey work is being overseen by the Business Finance Roundtable which comprises business groups and banks. 

The Business Finance Round Table represents a unique body of stakeholders in this field and comprises:

• Association of Chartered Certified Accountants
• British Bankers’ Association
• British Chambers of Commerce
• British Marine Federation
• British Venture Capital Association
• Confederation of British Industry
• Engineering and Machinery Alliance
• Engineers Employers Federation
• Federation of Small Businesses
• Forum of Private Business
• Growth Companies Alliance
• Institute of Chartered Accountants in England & Wales
• Institute of Directors
• Quoted Companies Alliance
• Barclays Bank
• Lloyds Banking Group
• HSBC Bank
• RBS Group
• Santander UK

 
• Tim Rivett [BBA] who set out the initiatives being run across the country;
 
• Andy Copp [Business Mentor South West (BMSW)] who highlighted the role mentoring plays in early business success; and
 
• Two bank mentors who - as part of the free bank mentor programme - talked about their experiences and how they can help.

The formal presentations were followed by an open roundtable session so businesses could ask questions.

Speaking for the mentoring initiative Tim Rivett said:

“Mentors have been proven to make the key difference between start ups which flourish and those which fail. Behind many successful businesses there is an impartial friend who can help provide the support firms need to take them on to the next level. Mentoring - part of a wider initiative from the high street   banks and the British Bankers’ Association aimed at helping businesses meet   their goals - is providing access to free banking mentors at the MentorsMe website. Anyone wanting to know more has only to get in touch or come along to talk to us when we are in Swindon on Friday.”

Notes for editors

 
1. Further information is available from Tim [tim.rivett@bba.org.uk].
 
2. Mentoring is an initiative of the major high street banks and the British Bankers’ Association. It aims to connect companies with mentoring organisations that can support and guide their growth. It is part of banks’ support for small and medium sized enterprises of which more can be found at:

 
• www.betterbusinessfinance.co.uk
 
• www.mentorsme.co.uk
 
• www.businessfinanceforyou.co.uk

Read more here: http://www.hm-treasury.gov.uk/ukecon_fundingforlending_index.htm

Notes to editors

1. The Annual Report can be found here: http://www.betterbusinessfinance.co.uk/images/uploads/Annual_Report_Master_2012.pdf
2. More information about the Appeals Process is here: http://www.betterbusinessfinance.co.uk/help-support/factsheets/appeals-process

More information about the Appeals Process is here:
http://www.betterbusinessfinance.co.uk/help-support/factsheets/appeals-process

BusinessFinanceForYou.co.uk is   free to use; and has an easy-to-use search engine which allows businesses to   refine their search for finance according to five criteria: their geographic   location, the industry in which they operate, the amount of finance they   require, the type of finance they require, and the life stage of their business.  Search results are generated from the site’s wide range of finance providers,  meaning businesses can search for finance in just one place rather than having   to trawl a number of different websites.

Stephen Fear, the   Entrepreneur in Residence at the British Library, said:

"Britain   needs entrepreneurs and entrepreneurs need finance so the launch of this well   thought out and easy to use website is a major step forward for fledgling and   growing businesses.

"I am always being   asked where finance can be found for new and expanding businesses and from now   on will be recommending this informative and user friendly website which really   does provide first class information. I have long been saying that if it was as   easy to get finance for your new business as it used to be to get finance for   your car, Britain would be a world leader in   start-ups. Start-ups often go on to be major employers of the future, something   we should all support – what a brilliant initiative from the   BBA."

Angela Knight, BBA chief   executive, said:

"Access to finance is a critical   issue for Britain’s businesses – and is an   issue that is being taken seriously by the banks. There are very many sources of   finance in the UK and finding out about and   navigating a path through all of these can be complicated and confusing.

"That is why we have developed   BusinessFinanceForYou.co.uk – to bring into one place a wide variety of finance   providers and make that search easier for businesses. Sometimes bank finance is   not the right thing for a business – but we want to be able to help businesses   by showing them what the alternatives are. We hope this website makes finding   finance easier and quicker for businesses – helping them to grow and   thrive."

Notes   for editors

1. The Business Finance For You   website was developed by the BBA and Better Business Finance Banks (see note 4)  with help from a number of business organisations and other finance providers   including the British Chamber of Commerce (BCC), the Institute of Chartered   Accountants in England and Wales (ICAEW), the Community Development Finance   Association (CDFA), and many more. www.businessfinanceforyou.co.uk

2. Stephen Fear is Entrepreneur   in Residence at the British Library and is launching Business Finance For   You.co.uk at a British Library event in the evening of 23rd May   2012. The event is being webcast live: http://live.webcasts.unique-media.tv/tbl015/. More   details about the event are here; and more details about Stephen are here.

3. More details about the   British Library’s Business & IP Centre and its help and resources for   businesses and entrepreneurs can be found here.

4. About   Better Business Finance: The Better Business Finance campaign provides impartial   information and support to business customers looking to raise finance. It is   supported by the British Bankers’ Association and the banks involved are   Barclays, HSBC, RBS, Lloyds and Santander. It has been created to bring to life   the recommendations of the Business Finance Taskforce. Further information can   be found at http://www.betterbusinessfinance.co.uk

5. BBA press office – 020 7216 8989; out of   hours – 020 7216 8888.

“With lending of £108bn and deposit holding of £113bn at the year-end, the level of bank support for non-financial SMEs in the private sector is clear.   During the second half of last year, there were more than 226,000 new credit facilities approved for nearly £17bn. These figures reflect application approval rates of around 77% for smaller businesses and around 90% for larger businesses.

“It is the case that whilst almost £13bn of new loans was drawn down in the second half of last year, SMEs made repayments of £14bn, leaving the total stock of borrowing marginally lower at the year-end.

“Lending facilities approved in the second half of last year proportionately reflect the spread of industry sectors and regions in which SMEs operate”.

Please find the full release and excel tables here and an explanatory note here.

Once trained, they will join 11,000 mentors already available through the mentorsme.co.uk portal launched last year. 4,000 of the Get Mentoring volunteers have already been trained meaning that there are now 15,000 mentors available through the portal.

Business and Enterprise Minister Mark Prisk said:

“The Government is committed to making the UK the best place in the world to start and grow a business.

“We have already launched a new BusinessLink website to provide a single comprehensive place for people to get the information they need to start a business and will be providing coaching opportunities for high growth potential businesses.

“Creating a network of thousands of business mentors will give SMEs access to a wealth of knowledge from entrepreneurs who have been there and done it before. It’s encouraging that so many people are signing up to be business mentors and that we are continuing to get the support of influential entrepreneurs who are joining our campaign to boost business mentoring across the UK.”

In another step forward for the programme, prominent entrepreneurs Wilfred Emmanuel-Jones, Mike Southon, Carl Hopkins and Penny Power will take on the voluntary roles as mentoring ambassadors, throwing their support behind plans to create a network of tens of thousands of business mentors and promote the Get Mentoring initiative and mentorsme portal.

Entrepreneur and founder of Ecademy, Penny Power said:

“Mentoring has been a critical aspect of my personal journey, often informally provided in conversations with business friends, when I have talked through challenges, opportunities and how to achieve goals and execute my vision. I am delighted to be supporting the Mentorsme programe and look forward to encouraging many more people to ask for help and receive it from people who have been there and care about their success.”

Entrepreneur and founder of The Black Farmer, Wilfred Emmanuel-Jones said:

“I am a great believer that anyone serious about starting a business should make sure they have a mentor they can turn to, especially someone who has trodden the same path before them because the advice that they give will be borne out of a similar experience to their own. I am a huge supporter of the Get Mentoring scheme and pleased to be a part of it.”

The total number of volunteers signed up to the Get Mentoring initiative is now 7544.

This year the Government is running the Business in You campaign to encourage more people to start or grow their business throughout 2012 using a range of existing support services, including mentoring. More information is available at businessinyou.bis.gov.uk.

Note to editors:

1. The Global Entrepreneurship Congress is running in Liverpool between 9-16 March.
2. Get Mentoring is a public/private-sector partnership, grant assisted by BIS and GEO and led by SFEDI (The Small Firms Development Initiative Limited). SFEDI is the UK expert and Standards Setting Body for business enterprise and enterprise support. http://www.sfedi.co.uk  They. are working with over 140 business and trade bodies to deliver Get Mentoring
3. Trained mentors are deployed through http://www.mentorsme.co.uk the U,K’s national gateway, operated by the British Bankers Association, for businesses looking for mentoring services.
4. There have been over 50,000 unique visitors to the mentorsme site since it was launched.
5. Global Entrepreneurship Week, featuring thousands of events to promote enterprise and encourage young people to get involved, will run in the UK and around the world in November this year.
6. More case studies are available on the get mentoring website, http://www.getmentoring.org/category/case-study .
7. More information on the Business in You campaign is available at http://www.businessinyou.bis.gov.uk.
8. BIS’s online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

The tool, provided by the Small Firms Enterprise Development Initiative (SFEDI) at http://www.getmentoring.org is fr,ee to use, making it even easier for people to get mentoring and join the growing network of volunteer business mentors.

Business and Enterprise Minister Mark Prisk said:
“This training tool is vital to help build our growing network of trained mentors. Mentoring is a very effective way for aspiring entrepreneurs to get the help and support they need to succeed. It enables business people to harness the knowledge and expertise of those who have been there and done it before.

“Having worked as a mentor I know how rewarding it can be to use your business experience and help someone who is eager to learn. I would encourage business people of all ages and backgrounds to get involved in mentoring as it really can help to give a new or growing business a boost in their development.”

Entrepreneurs looking for a mentor will be able to access mentors recruited by Get Mentoring through http://www.mentorsme.co.uk launc,hed last summer.

This year the Government is running the Business in You campaign to encourage more people to start or grow their business throughout 2012 using a range of existing support services, such as business mentors.

Tim Whitehall is the Managing Director and co-founder of a construction consultant company in Chester, Room 4 Consulting, and has recently completed the training, he said:
“I’ve always thought about mentoring because I think real experience of making difficult decisions in challenging situations is invaluable to another business owner and I was keen to share my knowledge. When I spotted the Get Mentoring scheme I instantly knew it was something I wanted to get involved in.”

The Get Mentoring project was launched in November 2011. Over 3,000 people have already signed up with almost 2,000 people having completed the training at workshops across the country. They have joined the thousands of mentors already available at http://www.mentorsme.co.uk The p.roject is backed by a range of partners including the Institute of Directors, the Federation of Small Businesses, the Forum of Private Business and the National Enterprise Network.
Phil Orford, Chief Executive, Forum of Private Business said:

“We believe there is a rich supply of would-be mentors working in businesses across the country, willing to share their years of experience. The online course supports a consistent and quality approach to volunteer mentoring which we think is essential for new and growing businesses. We are confident that FPB members will jump at the chance to get involved, not only to support the next generation of entrepreneurs, but to develop their own business skills and experience.”

Notes to editors:

1.  The online training is available now at http://www.getmentoring.org .

2.  The Introduction to Enterprise Mentoring course is designed to enable business people interested in volunteer business mentoring to gain an understanding of the skills required. It helps individuals reflect on their current skills, experience and knowledge and apply this to the help and support they give others as they start and grow their businesses. The course does not provide a qualification in mentoring or coaching but the content has been mapped against the Level 3 Award in Enterprise Mentoring and provides a pathway for more formal qualifications in mentoring.

3.  Get Mentoring is a public/private-sector partnership, grant assisted by BIS and GEO and led by SFEDI (The Small Firms Development Initiative Limited). SFEDI is the UK expert and Standards Setting Body for business enterprise and enterprise support. http://www.sfedi.co.uk.

4.  Trained mentors are deployed through http://www.mentorsme.co.uk the U,K’s national gateway for businesses looking for mentoring services.

5.  More case studies are available on the get mentoring website, http://www.getmentoring.org/category/case-study .

6.  More information on the Business in You campaign is available at http://www.businessinyou.bis.gov.uk .

7.  BIS’s online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

Launching this new tool a prestigious reception at 10 Downing Street, BBA chief executive Angela Knight said:

“It is essential that British businesses can find the right finance for them, and from the best source. Help and support is available for start-ups from banks and others. This new section of the website has been designed to give guidance to start-ups and help ensure businesses are able to understand what start-up packages are available from banks and also where else to go.”

Notes to Editors

1. The new start-up section of the BBF website is at: http://www.betterbusinessfinance.co.uk/help-support/start-up-business-support

2. The five top tips for lending application success is at: http://www.betterbusinessfinance.co.uk/help-support/start-up-business-support/how-much-finance-do-you-need

3. About Better Business Finance: The Better Business Finance campaign provides impartial information and support to business customers looking to raise finance. It is supported by the British Bankers’ Association and the banks involved are Barclays, HSBC, RBS, Lloyds and Santander. It has been created to bring to life the recommendations of the Business Finance Taskforce. Further information can be found at http://www.betterbusinessfinance.co.uk

The banks’ appeals processes will be monitored by a team of independent external reviewers to ensure that the they are fair, prompt and transparent.  An annual report on the effectiveness of the appeals process will also be published. 

Better Business Finance has been designed to provide SMEs with access to first class support to help them grow and thrive and draws on experience from the main commercial banks in Northern Ireland: Ulster Bank, Northern Bank, First Trust and Bank of Ireland, Barclays, HSBC, , and Santander.

Belfast-based mentoring organisations are also being recruited for a nationwide scheme that launched this summer, allowing SMEs to locate mentors in Northern Ireland who can offer support to their business.  So far over 50 leading mentoring organisations have joined the scheme, including Mallusk Enterprise Park Limited who serve the area.

Belfast is the eleventh leg of the Better Business Finance roadshow, which has so far been attended by over 1000 businesses across the UK. The Belfast event, with more than 260 delegates, is the largest to date.

Angela Knight, Chief Executive, British Bankers’ Association said:

“We understand how important it is for business owners to be able to discuss their needs and the issues affecting them. That’s why we have set up the event in Belfast. As well as presenations from senior figures we are also launching a new appeals process giving Northern Ireland businesses the chance to have their lending applications looked at again.  We are also looking to recruit both businesses and mentoring organisations for a nationwide scheme that we launched this summer to further support business owners on the ground.”

Ann McGregor,CEO, Northern Ireland Chamber of Commerce, welcomed the event:

“This event provides a fantastic opportunity for businesses in Northern Ireland to discuss with the banks directly the key issues affecting them. It also provides our members with an opportunity to find out exactly what support and help is on offer.  With so many options available the roadshow presents an a opportune moment to establish exactly what the best options are for a local business.”

The event will be chaired by Francis Martin, President of the Northern Ireland Chamber of Commerce.  Keynote speeches will be delivered by Sammy Wilson MP MLA, Minister of Finance and Personnel, Northern Ireland, and Ronnie Patton, President of ACCA in Ireland and Senior Lecturer at Ulster Business School, alongside Angela Knight.

Notes to editors
About Better Business Finance
Better Business Finance provides impartial information and support to business customers looking to raise finance. More information can be found at http://www.betterbusinessfinance.co.uk

The BGF has invested £4.2m of growth capital in Benefex and will take a minority stake.  With over 50% growth in turnover year on year, Benefex continues to expand rapidly with turnover approaching £10m in 2012. 

The company is led by Matt Waller, a 33-year-old entrepreneur, who started the business from his own home when he was just 25, and has grown it to become one of largest online employee reward and benefits providers in the UK.  The company currently provides services to over 500 clients, managing online benefits schemes for over 1 million employees in more than 40 countries.  Its clients include the AA, Coca Cola, Bank of America Merrill Lynch, De Beers, E.ON, Philips, MTV and Centrica. It operates from its head office in Southampton, with a further presence in Marlow and London.

The market in which Benefex operates is enjoying rapid growth.  Many employers are looking at how best to attract, retain and motivate their staff and recognise the value of flexible rewards and benefits packages that can be tailored to the needs of the individual.  This market is believed to be worth in the region of £100 million and is growing at nearly 10%.  These arrangements are often complex, particularly for large companies, which in turn is driving demand for outsourced services. 

Service providers which offer technological support are outperforming the market, growing at twice the rate at some 20%.  This is due to an increasing need for technological support, use of online and intranet services and imminent legislative changes.  For example, from October 2012, all employers will have to enroll eligible workers into workplace pension schemes, generating a clear need for online services.

The BGF’s investment will enable Benefex to continue the development of innovative solutions, expand its product and service lines and extend its international footprint.  Immediate opportunities exist in the US and Asia Pacific.

As a result of this investment, Benefex expects to create a further 100 jobs in Southampton, Marlow and London.

Paul Oldham, BGF Regional Director for the South West and Wales and now a member of the Benefex board, commented:

‘Benefex is an exciting business, led by a talented and entrepreneurial management team.  A start up just eight years ago, it has created a strong market position, developed its service offering and built an impressive client base.  It has exhibited consistent growth in tough economic conditions.

The employee benefits reward market is growing explosively due to legislative change and international demand and Benefex is uniquely positioned to capitalise on this due to its highly innovative approach to technology and customer service.

We look forward to working with Matt Waller and the management team to create the world’s leading provider of online employee rewards and benefits.”

Matt Waller, the CEO of Benefex and the first entrepreneur to be backed by the BGF, commented:

“We come from entrepreneurial, ambitious roots.  We recognised that the business had reached the point where we needed external capital to take it to the next level and invest in key areas.  Without it, we would continue to grow but not at the rate that we would like to. 

Having grown the business from startup, it was critical for us to find the right partner.  We chose to work with the BGF because we felt that they shared our enthusiasm and ambition and offered more than just money. 

We also believe in what they stand for and that they can provide high growth businesses like ours with the funding to continue to contribute to the recovery of the UK economy.” 

Stephen Welton, CEO of the BGF commented:

“Benefex is the first of many investments that we will be making in fast growing UK businesses.  It typifies the sort of business that we are interested in speaking to.

Since our launch we have been actively out in the market talking to business owners and are now seeing a high level of deal flow.  It shows a real and growing demand for a long term partner investor.”

Reading based Spectrum Corporate Finance introduced Benefex to the Business Growth Fund.

Ian Milne, partner at Spectrum Corporate Finance, said: 

“We were delighted to work with the Business Growth Fund on their first investment and to introduce them to the team at Benefex.  Benefex operates in a dynamic sector with a market-leading proposition and is led by an entrepreneurial and innovative management team.  The new investment by the Business Growth Fund will enable the business to capitalise on exciting new development opportunities in its market place both in the UK and overseas and so continue its impressive record of growth and new job creation.”

Ends

High resolution images are available for the media to view and download free of charge from http://www.vismedia.co.uk

Advisers to the transaction:

•  Spectrum Corporate Finance (Lead advisers)
•  RSM Tenon (Vendor financial due diligence)
•  RPL (Commercial due diligence)
•  Catalysis (Management due diligence)
•  Osborne Clarke (BGF)
•  Shoosmiths (Benefex)
•  HSBC (Clearing bank to Benefex)

Media contacts:

Emily Weston, Equity Dynamics – 07967 838 205
emily@equitydynamics.co.uk
Jane Kirby, Equity Dynamics - 07825 326 441
jane@equitydynamics.co.uk
Jon Rhodes – Director of Marketing & Communications
07974 982334 / jon.rhodes@bgf.co.uk
Notes to Editors:

The Business Growth Fund

The Business Growth Fund has been established to help Britain’s fast growing smaller and medium sized businesses.  Growth potential is the key criteria. The BGF will invest between £2m and £10m per business in return for a minimum 10 per cent equity stake and a seat on the board for a BGF director. The Fund will provide long-term equity investment for those growing companies that today do not have access to this source of capital.  As such the BGF hopes to be a catalyst for growth among smaller UK companies.

The BGF is an independent company with capital of up to £2.5 billion, backed by five of the UK’s main banking groups - Barclays, HSBC, Lloyds, RBS, and Standard Chartered.  The BGF is managed completely autonomously with an independent management team.

The BGF is one of a range of initiatives designed to forge a new relationship between the banking sector and UK businesses, and the BGF works in close collaboration with the British Bankers’ Association as well as other key business organisations across the UK.
http://www.businessgrowthfund.co.uk

Benefex

Benefex are one of the largest online reward and benefits providers in the UK. Since 2003 they have worked tirelessly to evolve online Reward & Benefits. Working with over 500 clients and more than 1 million employees, Benefex deliver fully integrated Reward, Benefit and Pension portals including Total Reward, Flexible Benefits, Savings, Education, Broking and their new Auto-Enrolment product - Enroller™.

Benefex’s RewardEvolution™ methodology means that whatever a client’s strategy, Benefex can design, execute, support and evolve it’s Reward & Benefits. Key clients include: Bank of America Merrill Lynch, Centrica, Coca-Cola, E.ON, Philips, The AA and MTV.

The business has been nominated for over 20 awards in the last 5 years including Most Effective Benefits Strategy, 2009 (HR Excellence) and Best Corporate Advisor, 2010 (Money Marketing).  Most recently, Benefex has been short listed as a finalist for Best Use of Technology in the Fast Growth Business Awards 2011.

http://www.benefex.co.uk

Spectrum

Spectrum Corporate Finance is an independent advisory firm established by an experienced team of entrepreneurial partners to fulfill a demand for high quality value added and independent advice.  Deal values are typically in the range of £5 million to £100 million over a broad range of sectors and deal types to include company sales, buy-outs, development capital raising and debt advisory.

http://www.spectrumcf.co.uk

English version

Yn siarad yng nghynhadledd a gweithdai Better Business Finance yng Nghaerdydd heddiw, dywedodd Mrs Knight:

"Mae banciau yn ymrwymedig i helpu cwsmeriaid busnes i gael mynediad i’r cymorth maent eu hangen i wneud eu busnesau yn llwyddiant. Rydym yng Nghaerdydd heddiw fel rhan o’r Better Business Finance, ein sioe deithiol genedlaethol, i glywed oddi wrth fusnesau Cymreig.

"Mae gwaith ymchwil annibynnol wedi canfod mai un o’r rhwystrau allweddol i sicrhau’r ‘ie’ angenrheidiol hwnnw i unrhyw gais am fenthyciad yw’r gallu i gyfieithu arbenigedd pobl busnes i mewn i gynnig at ddibenion y rheolwr banc. Ac o ganlyniad, mae banciau yn rhoi adnoddau i mewn i ddarparu mynediad rhad ac am ddim i fentoriaid a fydd yn gallu helpu gyda’r cynllun busnes hollbwysig hwnnw, neu a fyddant yn syml, yn gallu ymddwyn fel bwrdd seinio a chyfaill diduedd. Mae ein gwefan Mentorsme wedi bod yn gryn lwyddiant yn barod ac rwyf yn ymfalchïo ein bod wedi medru gweithio gyda chynifer o fudiadau uchel eu parch.

"Mae lansiad o’n gwefan iaith Gymraeg heddiw yn gam pellach tuag at helpu mwy a mwy o fusnesau i gael mynediad i’r help a chymorth maent eu hangen; lle, pryd a sut maent eu hangen ef."

Roedd Mrs Knight yn siarad yn y digwyddiad Better Business Finance yn y Radisson Blu yng Nghaerdydd. Roedd y siaradwyr yn cynnwys Graham Morgan o Siambr Fasnach De Cymru, Chris Nott sy’n arwain y panel sector cyllid a gwasanaethau proffesiynol yn Llywodraeth Cymru a Tim Goodson, rheolwyr gyfarwyddwr Cardiff Self Storage. Roedd uwch fancwyr busnes hefyd wrth law ar gyfer panel holi ac ateb, ynghyd â nifer o sesiynau gweithdai rhad ac am ddim. Cefnogwyd y digwyddiad gan Siambr Fasnach De Cymru.

Nodyn i olygyddion

  1. Mae’r Better Business Finance yn dod â Barclays, HSBC, Lloyds Banking Group, RBS/ Natwest a Santander ynghyd gyda’r BBA, banciau eraill a mudiadau busnes i helpu i gynorthwyo busnesau bach a maint canolig. Darganfyddwch ragor ar: http://www.betterbusinessfinance.co.uk

  2. Gellir canfod y sioe deithiol ar: http://www.betterbusinessfinance.co.uk/events

  3. Gall busnesau gael mynediad i rwydweithiau mentor ar: http://www.mentorsme.co.uk

  4. Mae cefnogaeth ar gyfer busnesau Cymraeg eu hiaith ar gael ar:  http://www.mentorsme.co.uk/cymraeg

  5. Mae’r SME Finance Monitor yn cynnal arolwg o fwriadau benthyg busnesau ynghyd ag allbynnau’r ceisiadau benthyg. Gellir cael mwy o wybodaeth drwy fynd i: http://www.sme-finance-monitor.co.uk/

.

Business support online in Welsh

Help and support for small and medium sized businesses is now available online for Welsh speakers the British Bankers’ Association (BBA) announced today. The new Welsh version of mentorsme.co.uk, http://www.mentorsme.co.uk/cymraeg which, matches businesses with mentoring organisations, was launched today in Cardiff by BBA chief executive Angela Knight.

Speaking at the Better Business Finance conference and workshops in Cardiff today, Mrs Knight said:

"Banks are committed to helping business customers access the support they need to make their businesses a success. We are in Cardiff today as part of Better Business Finance, our national roadshow programme, to hear from Welsh businesses.

"Independent research has found that one of the key barriers to securing that vital ‘yes’ to any request for a loan is the ability to translate the expertise of business men and women into a proposal for the bank manager. As a result, banks are putting resources into providing free access to mentors who can help with that all-important business plan, or who can simply to act as a sounding board and impartial friend. Our Mentorsme site has already been a great success and I am delighted that we have been able to work with so many respected organisations.

"Today’s launch of our Welsh language site is a further step towards helping more and more businesses access the help and support they need where, when and how they need it."

Mrs Knight was speaking at the Better Business Finance event at the Radisson Blu in Cardiff. Speakers included Graham Morgan from the South Wales Chamber of Commerce, Chris Nott who heads up the finance and professional services sector panel at the Welsh Assembly Government and Tim Goodson, the managing director of Cardiff Self Storage. Senior business bankers were also on hand for a question and answer panel as well as a number of free workshop sessions. The event was supported by the South Wales Chamber of Commerce.

Notes for editors

  1. Better Business Finance brings together Barclays, HSBC, Lloyds Banking Group, RBS/ Natwest and Santander with the BBA, other banks and business organisations to help support SMEs. Find out more at: http://www.betterbusinessfinance.co.uk

  2. The roadshow programme can be found at: http://www.betterbusinessfinance.co.uk/events

  3. Businesses can access mentor networks at: http://www.mentorsme.co.uk

  4. Support for Welsh speaking businesses is available at:  http://www.mentorsme.co.uk/cymraeg

  5. The SME Finance Monitor surveys businesses lending intentions as well as the outcomes of lending applications. More can be found at: http://www.sme-finance-monitor.co.uk/

Better Business Finance – an initiative from the major high street banks – seeks to provide help and support for SMEs with specific guidance on preparing the best case for credit as well as signposting other ways to raise finance. MentorsMe, launched last week, is a national mentoring programme aimed at supporting businesses and address the nine out of ten business the SME Monitor found which did not seek any help or external guidance when applying for a loan.

The SME Monitor also chimed with the BBA’s findings, that many of those considering borrowing were put off from doing so by the economic climate. Businesses which did not apply to borrow either did not need finance or were put off because it was either the wrong time for them or they had concerns about the principle of borrowing.

The survey also highlights the importance of a strong continuing relationship between the business and its bank.  Customers with a good track record and a sound credit rating found borrowing easier.

The British Bankers’ Association said:

“Today’s results from the SME Finance Monitor are encouraging and show that most business are able to get the credit they need and that customers with a good track record and sound credit history find the process straight forward. It clearly pays to have a strong, ongoing relationship with your bank as existing customers were rarely turned down.

“The picture is also complex with many customers clearly still concerned about the economic climate and so are less inclined to borrow.  Meanwhile, pay back of existing finance facilities remains strong.

“However some businesses are concerned about the process and we will address this issue.  We are working to help SMEs access the finance they need. Better Business Finance aims to help business prepare their case for credit as well as signposting other ways to raise finance. The new mentoring scheme – MentorsMe – is there to help the nine out of ten businesses which currently seek no external help when looking for finance.

“Confidence comes through as the vital element for the SME community if they are to invest and grow.  All parties – banks, businesses, representative bodies and government – need to use the solid evidence from this ongoing survey to develop policy.  Banks are committed to providing SME’s with greater and easier access to finance.”

The SME Finance Monitor was designed specifically to find out what demand there was business credit. 81% of SMEs have neither applied for or renewed their lending, and their bank had not asked them to renegotiate.  Of those who applied, 85% of overdraft applicants were successful in getting an overdraft, and two thirds of loan applications were approved.

Today’s results are the first step in establishing the full picture of the demand for SME finance. They should be seen in the round and will, over time, provide the most comprehensive picture of SME ending intentions ever undertaken. The SME Finance Monitor is the most extensive regular survey of SME finance yet undertaken in the UK, with 5,000 businesses across the range of industry sectors and regions interviewed every quarter.

Note to Editors

1. The SME Finance Monitor is independent and carried out by BDRC Continental. Media queries about the survey should be addressed to Greenfields Communications :

Lucy Green: Mobile 07817698366 Email: lgreen@greenfieldscommunications.com

Geraldine Gitel: Mobile07787686122 Email: ggitel@greenfieldscommunications.com

Nina Croad: Mobile 07889491259 Email: ncroad@greenfieldscommunications.com

2. Results can – from 13:30 hrs 11 July 2011 – be found at: http://www.sme-finance-monitor.co.uk

Start ups, established companies or those looking for a sounding board will receive support from networks of mentors, including current and retired bank staff that have volunteered and been trained as mentors.

From today, businesses will also be able to find assistance through a brand new online portal, www.mentorsme.co.uk. This brings together leading mentoring organisations and allows companies to search for and locate their local group. It also includes a section to recruit would be mentors and a range of helpful resources.

James Caan, Business Entrepreneur, welcomed the launched saying:

“When you are running a business, advice from an experienced and successful business mentor is invaluable.

“Throughout my career as an entrepreneur and investor, I’ve found that sometimes you can be so focused on the daily activities of your business, that you forget to take a step back and get a perspective of what you are doing.

“It’s wholly important to get advice and support from a mentor who is an expert in their field as they will have already experienced the challenges you are facing. By imparting their wisdom they will probably save you time, money and a little heartache. Mentors are not as close as you are to the business, they are not emotional about it so they can cut through the noise and give you impartial opinions about how the business is run.”

Business and Enterprise Minister Mark Prisk said:

“From my own experiences running a small business I know how valuable insight can be from people who have done it all before.

“Small business owners have repeatedly told us that the support they value most comes from other experienced business people. For the first time in the UK, there will be a single, cohesive network of mentoring provision.

“Small firms are lifeblood of our economy and we are determined to give them every opportunity to succeed and secure the long-term growth we need.”

Angela Knight, Chief Executive, British Bankers’ Association said:

“We recognise it is often a lonely place to be for a business when stepping out on their own for the first time or running their existing business day to day. That’s when a mentor can help.

“We have had a resounding response from current and former bank staff, with over 200 volunteers already on board to support British businesses. Whilst many of the staff we are placing are experienced in finance, we are also recruiting from across different departments, so that we add to the wealth of skills and knowledge available to organisations.

“We hope that through the launch of this new initiative and portal, the help businesses can receive through mentoring generally will be much easier to access and better supported.”

All bank business mentors will be trained by the independent UK Skills Sector Body for Enterprise and Business Support, SFEDI.

A series of finance masterclasses are also being rolled out to train non-bank mentors within established mentoring organizations, giving them a broad base of knowledge on bank lending and alternative sources of finance.

The launch forms part of the Better Business Finance campaign, set up by the Business Finance Taskforce.

For further information or to arrange interviews, please contact Jenni Pain on 0207 822 1730/07506 582 852 or at jenni.pain@portland-communications.com

Notes to editors

1) About Better Business Finance: The Better Business Finance campaign provides impartial information and support to business customers looking to raise finance. It is supported by the British Bankers’ Association and the banks involved are Barclays, HSBC, RBS, Lloyds and Santander. It has been created to bring to life the recommendations of the Business Finance Taskforce. Further information can be found at www.betterbusinessfinance.co.uk

2) About Business Finance Taskforce: In October 2010 the Business Finance Taskforce, made up of the British Bankers’ Association, Barclays, HSBC, RBS, Lloyds, Santander and Standard Chartered published ‘Supporting UK businesses’ in response to the government’s green paper ‘Financing a private sector recovery’. The report set out 17 initiatives to improve the banks’ relationships with their business customers, to ensure better access to finance and to promote greater understanding of the needs of businesses. Further information can be found at http://www.bba.org.uk/media/article/business-finance-taskforce

About Better Business Finance

The Business Finance Taskforce was set up with the aims of:

• improving the banks’ relationships with businesses
• ensuring better access to finance
• promoting greater understanding of the needs of businesses.

Made up of the UK’s six largest banks (Barclays, HSBC, Lloyds, RBS, Santander and Standard Chartered), the Taskforce published its report ‘Supporting UK Business’ in October 2010, which recommended 17 commitments to achieve the Taskforce goals. 

Better Business Finance was then developed by five of the Taskforce banks (Barclays, HSBC, Lloyds, RBS and Santander) to fulfil these commitments and to bring to life their vision for supporting a strong and growing business sector in the UK. Each commitment is subject to regular meetings between the banks and business organisations to monitor progress and maintain constructive dialogue between banks and businesses.

In practice, these commitments mean giving businesses easy access to information on a wide range of topics that will help them with everything from the day to day basics - such as managing cashflow - to when they are looking to expand. This will help businesses make a vital contribution to building UK economic growth.

Progress so far

The Better Business Finance initiative has got off to a productive start, and we have seen a really encouraging level of engagement from businesses. Each of the commitments is aimed at improving the experiences that businesses have when dealing with banks, and progress so far includes:

• Launching the http://www.betterbusinessfinance.co.uk website
• Commencing the regional events programme
• Implementing a new appeals process
• Providing information on alternative sources of finance
• Launching the Business Growth Fund
• Publishing a guide to the Lending Code for small businesses
• Establishing recognised lending principles for larger businesses
• Undertaking an independent business survey, to be published shortly.

The feedback we have had from businesses has been very encouraging, and we look forward to helping many more businesses as the Better Business Finance initiative progresses. The activity we have carried out so far is just the beginning, and we are committed to improving our relationships with businesses.

Regional Outreach Events

In conjunction with the British Chambers of Commerce, Better Business Finance is holding a year long series of regional outreach events, to better enable us to connect with businesses. We have already held events in Sheffield, Edinburgh, Liverpool and Manchester, and have several more planned over the coming months.

The Better Business Finance ‘one stop shop’ website – http://www.betterbusinessfinance.co.uk – was launched at the first regional event in Sheffield in March. Lord Sassoon, Commercial Secretary to the Treasury, gave the keynote speech, and representatives attended from the Better Business Finance banks and the British Bankers’ Association (BBA). The event also gave small businesses a unique opportunity to hear first-hand from the Taskforce banks and business groups about the help and funding options available to them. It was a very positive start to the programme of regional events and demonstrated the real need that there is for the support and information that the Better Business Finance initiative is providing to businesses.

Speaking at the event, Lord Sassoon said: “... the work of the Business Finance Taskforce and the Better Business Finance initiatives are important first steps in re-establishing confidence and trust in the financial sector. It’s this work that is helping the sector as a whole reconnect with the rest of the economy.”

April saw the Better Business Finance events team move to Edinburgh for the second outreach event, where the new appeals process was launched. The turnout of businesses at the event was very encouraging - more than 80 small business owners, along with the participating banks and the BBA, were present on the day.

Professor Russel Griggs OBE, one of Scotland’s business leaders and independent reviewer of the new appeals process, gave the keynote speech at the event, which was chaired by Robert Carr, President of the Edinburgh Chamber of Commerce. Angela Knight, Chief Executive of the BBA and Mark Tennant of Scottish Financial Enterprise both also spoke. Representatives from the banks fielded questions from attendees, and breakout sessions were held covering different aspects of the initiative, including mentoring, the Lending Code and how to help businesses grow.

Angela Knight said:
“We recognise the importance of being able to talk to people face-to-face, to be able to explain your particular situation and get support that is tailored to you. That’s why we set up the event in Edinburgh and will be travelling around the country to give businesses the chance to talk directly to the UK’s biggest banks. We hope the events will not only provide attendees with helpful information, but also expand a network of local business mentors.”

At the events in Liverpool and Manchester, teams from each of the banks and the BBA had the chance to hear from many more business owners. The next newsletter will contain full coverage of these events. A full list of upcoming regional events can be found below and at http://www.betterbusinessfinance.co.uk .

Launch of the Appeals Process

Launched at the Edinburgh event, the new appeals process is based on a set of commonly agreed principles which will ensure that across the participating banks, all lending decision appeals are handled fairly, promptly and transparently. These new principles will be scrutinised by an independent external team of reviewers, led by Professor Russel Griggs, to ensure the banks are complying.
If someone is declined lending, the Better Business Finance banks have committed that:

• when an appeal is raised, the decision will be reviewed by a second person from within the bank who was not involved in the original decision
• the banks will consider all the information originally provided and ask for more where they think it is necessary
• the result of the appeal will be communicated to the applicant in writing within 30 days
• if lending is still declined after an appeal, the bank will provide information on alternative sources of finance that may be more appropriate, or provide support in another form, such as putting the businesses in touch with a business mentor.

Speaking at the launch of the appeals process in Edinburgh, Professor Russel Griggs said:

“The new appeals process is a vital part of improving the relationship between businesses and their banks. Businesses should now have confidence that any lending appeal they lodge with a Taskforce bank will be considered in a fair, prompt and transparent way under the new set of commonly agreed principles. The banks and I are committed to making the process as useful and effective as possible, and I look forward to working with them over the coming year, ahead of publication of my first annual report. I would encourage all businesses to appeal if they feel it is the right thing to do.”

The Business Growth Fund is Open for Business

As one of the key Taskforce recommendations, the new £2.5 billion Business Growth Fund (BGF) was launched in Birmingham in May 2011. The Fund offers businesses with a turnover of between £10m and £100m a year investments of between £2m and £10m to support their long-term growth. The BGF is financially backed by the UK’s largest banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered - with total committed funds of up to £2.5 billion.

Speaking at the launch of the Fund, Chief Executive Stephen Welton, said: “Barely eight months ago, in October 2010, the Business Growth Fund began life as a 37 word sentence published in the Business Finance Taskforce report. Today it is open and ready for business.”

For more information about the Fund, visit http://www.businessgrowthfund.co.uk .

Watch out for…

Mentoring Scheme

Following pilot programmes, the new business mentoring scheme will be launched later today (4th July 2011) at a Parliamentary event hosted by Adrian Bailey, Chair of the Business, Innovation and Skills Select Committee, with speakers including Mark Prisk, Business and Enterprise Minister, and Angela Knight. The Parliamentary event brings together representatives from the banks, the BBA, Members of Parliament and individual businesses and their mentors to discuss the initiative and its aims, and how mentors are already supporting businesses across the country. A new mentoring portal will be launched at the event which will allow businesses across the country to find experienced Business Mentors to get help and support on all aspects of starting and running their business. More information will be available shortly at http://www.mentorsme.co.uk

Independent Business Survey

The Taskforce commitment to establish a quarterly independent survey of SMEs and finance is already underway, with first results expected later this month. The survey will provide an authoritative set of data on business finance and demand. There will be a range of different questions designed to reveal how many companies have applied for a loan, along with their experience and expectations when applying for finance. The first results will be published in July 2011, with the second round in December, and the first comprehensive annual report out in the second quarter of 2012. The transparency the survey will provide is one of the key goals of Better Business Finance.

More regional events

Look out for more of our regional events throughout the year:

Newcastle: 7th July
Cardiff: 13th September
Bristol: 27th September
Birmingham: 6th October
Exeter: 11th October
Leeds: 18th October
Reading: 1st November
Brighton: 10th November
London: 22nd November
Norwich: 29th November
Belfast: TBC

To register for an event, please go to http://www.betterbusinessfinance.co.uk/events .

The Second Edition of the Newsletter

This next newsletter will contain details of the launch of the Mentors Scheme and all the latest news from the regional events, as well as much more. We want to make these newsletters as informative and interesting as possible. Please do get in touch to let us know what you think, and what else you would like to see covered.

Contact Us

Email: info@betterbusinessfinance.co.uk
Online: http://www.betterbusinessfinance.co.uk/
Phone: 020 7216 8877

Angela Knight, Chief Executive, British Banker’s Association said:

“In October 2010 the Business Finance Taskforce agreed to 17 initiatives with the aim of supporting SMEs in the UK.  One of the initiatives was to launch a monitored appeals process.  We are delighted that Professor Russel Griggs OBE and Promontory have now been appointed as the independent and external review team. Both are highly regarded in their fields and have exceptional experience and understanding of the banking sector and industry.

“Professor Griggs’ career in senior and highly successful roles in academia and business speaks for itself and Promontory’s team provides decades of experience of reviewing and monitoring banking processes at central banks, regulators and in-house within banks.

“The Taskforce banks’ have committed to a common set of principles in how they operate their individual appeals processes.  The agreed principles will help ensure businesses are given the support needed to grow.

“The first year will be a learning process for everyone involved on how to make the Review process useful and effective.”

As part of the banks’ commitment to a transparent process, business customers will be able to see how they should be treated when banking with any of the Taskforce banks in newly published Lending Guidelines, available on the individual banks’ websites and http://www.betterbusinessfinance.co.uk  .

Professor Griggs will produce an annual report on the overall effectiveness of the banks’ appeals process that will be shared with the banks, government and various stakeholders.  Promontory will support Professor Griggs, conducting on-site and off-site monitoring of the banks’ appeal process throughout the year, as determined by Professor Griggs and will work with him in preparing the annual report. 

The appeals process launched today (Tuesday 5 April) at the first Better Business Finance roadshow in Edinburgh.

For further information, please contact Jenni Pain on 0207 822 1730 or at jenni.pain@portland-communications.com

Notes to editors
1) About Business Finance Taskforce:  In October 2010 the Business Finance Taskforce, made up of the British Bankers’ Association, Barclays, HSBC, RBS, Lloyds, Santander and Standard Chartered published ‘Supporting UK businesses’ in response to the government’s green paper ‘Financing a private sector recovery’.  The report set out 17 initiatives to improve the banks’ relationships with their business customers, to ensure better access to finance and to promote greater understanding of the needs of businesses.  http://www.bba.org.uk/media/article/business-finance-taskforce

2) About Better Business Finance:  The Better Business Finance campaign provides impartial information and support to business customers looking to raise finance.  It is supported by the British Bankers’ Association and the banks involved are Barclays, HSBC, RBS, Lloyds and Santander.  It has been created to bring to life the recommendations of the Business Finance Taskforce.  Further information can be found at http://www.betterbusinessfinance.co.uk

3) About Professor Russel Griggs: Born and educated in Edinburgh Professor Griggs has a degree from Heriot Watt University. He started his business life in marketing in the pharmaceutical industry.  In 1990 he was headhunted to join Scottish Enterprise in a business development role and became an Executive Director of Scottish Enterprise where he ran the investment banking and business development arms.  He also ran Scotland the Brand, the Scottish Science Trust, and was in charge of designing and building the Scottish Pavilion at Disney’s Epcot Theme Park in Florida for the Millenium celebrations.  Since then he has had a number of non executive positions in the private and public sector as well as running his own consultancy business which does a variety of strategic work for public bodies and private companies.

4) About Promontory:  Founded in 2001 Promontory is the premier global financial services consulting firm. Promontory is headquartered in Washington, D.C. and has offices in London and around the world.  Promontory’s London team is led by Michael Foot, who has four decades’ experience in financial services regulation and supervision. Mr. Foot joined Promontory from the Central Bank of The Bahamas, where he was Inspector of Banks & Trust Companies.  From 1998 to 2004, Mr. Foot was a Managing Director of the Financial Services Authority.  Prior to his services at the FSA, Mr. Foot served at the Bank of England for 29 years, in a number of posts of increasing responsibility, including head of the European and Foreign Exchange Divisions.  Mr. Foot and others on Promontory’s team of London-based experts maintain strong connections at the FSA and its global counterparts.  http://www.promontory.com

5) The principles agreed to by the Taskforce banks for businesses declined lending are:

• When an appeal is raised, the decision will be reviewed by a second person from within the bank who was not involved in the original decision
• The banks’ will consider all the information originally provided and ask for more where they think it is necessary
• The result of the appeal will be communicated to the customer in writing within 30 days
• If lending is still declined after an appeal, the bank will provide information on alternative sources of finance that may be more appropriate or provide support in another form, such as putting the customer in touch with a business mentor

New and transparent Lending Guidelines and an appeals process have been agreed, setting out the minimum standards businesses can expect when seeking loans and other services from the five banks, which make up the Business Finance Taskforce.

In addition, businessmen and women will be able to access information and assistance through a brand new and dedicated website.

Angela Knight, Chief Executive, British Bankers’ Association said:

“We are delighted to announce the launch of the Better Business Finance campaign.

“Businesses will now have access to a new set of Lending Guidelines, a commitment from the Taskforce banks for a transparent and monitored appeals process, an online information portal and regional roadshows, which will travel across the UK giving SMEs the chance to talk directly to the banks.

“The Better Business Finance campaign represents the banking industry’s continued commitment to providing small and medium sized businesses with the information and support that they need.” 

SMEs will be able to find out details of the campaign and a series of useful resources on a dedicated online portal, http://www.betterbusinessfinance.co.uk which, includes factsheets from how to write a business plan to alternative sources of finance.  A dedicated helpline is also available for businesses looking for support.

As part of the Better Business Campaign, the Taskforce banks have agreed to a set of cross-industry principles for their individual appeals process.  The banks’ adherence to these principles will now be monitored by an independent and external team of reviewers, led by Professor Russel Griggs OBE and supported by the consultancy firm Promontory.

Professor Griggs will produce an annual report on the overall effectiveness of the banks’ appeals process, which will be shared with the banks, government and various stakeholders.  Promontory will support Professor Griggs, conducting on-site and off-site monitoring of the banks’ appeal process throughout the year, as determined by Professor Griggs and work with him in preparing the annual report. 

For further information or to arrange interviews, please contact Jenni Pain on 0207 822 1730 or at jenni.pain@portland-communications.com

Notes to editors

1) About Better Business Finance:  The Better Business Finance campaign provides impartial information and support to business customers looking to raise finance.  It is supported by the British Bankers’ Association and the banks involved are Barclays, HSBC, RBS, Lloyds and Santander.  It has been created to bring to life the recommendations of the Business Finance Taskforce.  Further information can be found at http://www.betterbusinessfinance.co.uk

2) About Business Finance Taskforce:  In October 2010 the Business Finance Taskforce, made up of the British Bankers’ Association, Barclays, HSBC, RBS, Lloyds, Santander and Standard Chartered published ‘Supporting UK businesses’ in response to the government’s green paper ‘Financing a private sector recovery’.  The report set out 17 initiatives to improve the banks’ relationships with their business customers, to ensure better access to finance and to promote greater understanding of the needs of businesses. Further information can be found at http://www.bba.org.uk/media/article/business-finance-taskforce

3) About Professor Russel Griggs: Born and educated in Edinburgh Professor Griggs has a degree from Heriot Watt University. He started his business life in marketing in the pharmaceutical industry.  In 1990 he was headhunted to join Scottish Enterprise in a business development role and became an Executive Director of Scottish Enterprise where he ran the investment banking and business development arms.  He also ran Scotland the Brand, the Scottish Science Trust, and was in charge of designing and building the Scottish Pavilion at Disney’s Epcot Theme Park in Florida for the Millenium celebrations.  Since then he has had a number of non executive positions in the private and public sector as well as running his own consultancy business which does a variety of strategic work for public bodies and private companies.

4) About Promontory:  Founded in 2001 Promontory is the premier global financial services consulting firm. Promontory is headquartered in Washington, D.C. and has offices in London and around the world.  Promontory’s London team is led by Michael Foot, who has four decades’ experience in financial services regulation and supervision. Mr. Foot joined Promontory from the Central Bank of The Bahamas, where he was Inspector of Banks & Trust Companies.  From 1998 to 2004, Mr. Foot was a Managing Director of the Financial Services Authority.  Prior to his services at the FSA, Mr. Foot served at the Bank of England for 29 years, in a number of posts of increasing responsibility, including head of the European and Foreign Exchange Divisions.  Mr. Foot and others on Promontory’s team of London-based experts maintain strong connections at the FSA and its global counterparts.  http://www.promontory.com

5) The principles agreed to by the Taskforce banks for businesses declined lending are:

• When an appeal is raised, the decision will be reviewed by a second person from within the bank who was not involved in the original decision
• The banks’ will consider all the information originally provided and ask for more where they think it is necessary
• The result of the appeal will be communicated to the customer in writing within 30 days
• If lending is still declined after an appeal, the bank will provide information on alternative sources of finance that may be more appropriate or provide support in another form, such as putting the customer in touch with a business mentor
]]> 2011-04-05T08:09:01+00:00 http://bbf.bladedev.co.uk/news/entry/supporting-startup-britain http://bbf.bladedev.co.uk/news/entry/supporting-startup-britain#When:09:34:32Z For more information on Startup Britain click here



]]> 2011-04-04T09:34:32+00:00 http://bbf.bladedev.co.uk/news/entry/all-aboard-for-better-business-finance http://bbf.bladedev.co.uk/news/entry/all-aboard-for-better-business-finance#When:09:00:03Z As part of the Global Manufacturing Festival: Sheffield banks involved in the Business Finance Taskforce met local businesses and took part in a series of workshops and a panel discussion aimed at signposting how best to go about funding business growth. 

BBA Chief Executive Angela Knight said:

“Business and enterprise are at the heart of the UK economy and banks are ready to play their full part in supporting our customers. Today we are starting our programme of regional roadshows here in Sheffield so we can get out to meet businesses and help begin to break down barriers they have found in accessing finance for growth.

“Money is there for viable businesses and we want to work with business organisations and firms to ensure they are able to access the funds they need.

“The UK is a large international centre for banking and this creates many jobs and contributes much in taxes. We now need to work together to get the economic recovery going and a strong banking sector is essential to underpin the great manufacturing industry across the country such as in my home city of Sheffield.”

The Sheffield outreach event has been arranged with Global Manufacturing Festival: Sheffield, the Master Cutler and the local Chamber of Commerce. All the events are being arranged in partnership with business organisations.

Treasury Minister Lord Sassoon also spoke at the event.  A copy of his speech can be found here.

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Notes for Editors

1. The Business Finance Taskforce set out its commitments to business last October and the full report can be accessed at http://www.bba.org.uk/taskforce

2. The Business Finance Taskforce commitments can be found at: http://www.bba.org.uk/downloads/bba/Taskforce_-_aims.pdf

3. Further information about the Global Manufacturing Festival: Sheffield is at:  http://www.globalmanufacturingfestival.com/

4. Further roadshows will be held around the country. Up to date information on future events can be found at: http://www.betterbusinessfinance.co.uk/events

]]> 2011-03-15T09:00:03+00:00