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“We really need to get a dialogue going between banks and businesses“: Ted Salmon talks to bdaily

As Ted Salmon tells me about his work with the Federation of Small Businesses (FSB), he exudes passion for the region – despite not actually being a native of the North East.

Ted came to the region 30 years ago from North Wales to study at Sunderland Polytechnic, and since then has worked in a variety of positions before setting up his current projects Tian Da Automotive and Tian Da Automotive, as well as holding the position of North East regional vice chairman for the FSB.

While he is an established businessman in his own right, it is the state of the regions business as a whole which is the focus of our conversation, and by the end of it, I really do believe that as Ted says: “there are lots of opportunities in the North East which need shouting about.”

While there has been much talk of “rebalancing the economy”, Ted is now keen to see the governments plans in action.

“What we need to do is grow the North East economy. Government policy has previously been London and South East-centric, and the coalition now need to balance this by shouting about what there is elsewhere.

“If they give us the tools we will build the economy, and if we show the North East in a positive light it will in turn attract businesses to come and set up here.”

Finance is an ongoing issue for many small businesses – or rather the lack of it. In his work on a series of FSB Business Surgeries and when engaging with the banking community, Ted believes there are problems on both sides.

“We really need to get a dialogue going between small businesses and banks,” explains Ted. “ Neither side has been completely aware of the issues facing the other, causing a massive disconnect.”

Ted has also had close involvement with banks through both Project Merlin and the Better Business Finance taskforce. While he does acknowledge that it was the banking sector that caused the crash, he is urging both banks and businesses to move on from this.

“It is important for small businesspeople to understand that while banks have had to tighten up their lending criteria, it have never been the case that banks would just lend freely.

“Equally, banks need to let businesses know that they are not going to say ‘no’ to every request for finance, and need to keep up their ongoing commitment to supporting the economy which was launched by the taskforce.”

The FSB is now working towards creating more cohesion within the North East business community. Ted is especially passionate about the Climate North East business hub which link university research with business needs.

“We now need to make sure business organizations start to work together and pull in the same direction. By using research in a business context, this can also help us retain graduates in the North East.

“Ultimately we must all show that the North East has far more to offer than beer and football!”

This was posted in Bdaily's Members' News section by Ruth Mitchell .