Member Article

Interest rate decision welcomed but SMEs need finance

Getting finance into the hands of SMEs who want to expand is the key to growing the economy, according to business leaders in Coventry and Warwickshire.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, welcomed the latest Bank of England decision to keep interest rates at 0.5 per cent.

But she said the system had to change quickly to help more small and medium sized firms access finance at low rates to help them grow.

Louise said: “The evidence suggests that bigger businesses are having fewer problems getting the finance they need but small and medium sized companies are still finding it tough.

“Of course, we want and need our bigger companies to succeed but our SMEs are the key to growth in the economy – and if we want them to grow they need the funds to do so.

“That means making finance more accessible through traditional methods but also speeding up the creation of a business bank.”

This was posted in Bdaily's Members' News section by Lee Corden .