The news comes after the BBB published its Small Business Finance Markets Report 2015-16 which highlighted the need for more to be done to ensure businesses are aware of the benefits of flexible finance.
Commenting on the report, Simon Goldie, Head of Asset Finance at the FLA, said he welcomed the report which underlined the contribution leasing and hire purchase had made to the UK economy.
“We agree with the BBB that even more needs to be done to ensure businesses are aware of the benefits of these flexible and convenient forms of finance, and where to get them,” said Simon.
Simon believes the BBB should run an impartial and comprehensive online directory of funders, giving SMEs easier access to the full range of finance options available to them.
“We also agree with the BBB on the importance of finding ways to promote SME growth in the regions,” added Simon.
“We welcome the establishment of the Northern Powerhouse Investment Fund but we hope more will be done to help replace the successful Regional Growth Fund.”
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