< Back to previous page

Small business support task force launched

Published on 1 Apr 2010 under category: legal

Small businesses in the UK could be given fairer access to credit, in a forthcoming consultation from a newly-created government task force.

The team, headed by the 'enterprise champion' Lord Sugar, will advise the recently created Small Business Credit Adjudicator (SBCA) in its roles and responsibilities towards smaller firms.

Business Secretary Lord Mandelson said: "[The team] understand the critical importance of new finance and credit flow to the growth of small, innovative companies.

"This government has worked tirelessly to help small businesses access the finance they need. However there is a perception among small business owners that banks are unfairly denying them credit. This task force will help us understand the root of these concerns."

The SBCA may be given powers and sanctions, allowing it to force banks to give up information on lending and exposing those that have unjustifiably refused to give credit to businesses.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.