The British Chambers of Commerce’s Director of Policy and External Affairs on the importance of UK SMEs

POSTED: 14th November 2012
IN: General

SMEs are the lifeblood of the economy, accounting for 47 per cent of private sector employment.

In all, 14.1 million people are employed by a small to medium sized enterprise. At Aldermore, we know these organisations are crucial to the UK economy and it's one of the reasons why we work tirelessly to ensure that our products are tailored for each and every customer.

And the importance of SMEs was highlighted again last week as Aldermore spoke to The British Chambers of Commerce's Director of Policy and External Affairs, Dr. Adam Marshall.

The interview, which you can listen to below, covered a number of topics, including the vital role SMEs play in the UK economy. 

Speaking about the role of SMEs in the United Kingdom, Dr. Marshall comments:

"We know that SMEs in the UK are about 99 per cent of all companies and we also know that they contribute the majority of employment, so SMEs have an absolutely crucial role to play in the UK's prospects going forward, and always will do."

As a prominent member of the British Chambers of Commerce, Dr. Marshall has a deep understanding of the needs of SMEs in today's business climate, highlighting the need for banks to offer SMEs a tailored service; personalised financial solutions which are aligned with their business needs. He states:

"For SMEs, personal relationships with their financial institutions are critical because it gives them the confidence that they need to know that their affairs are being looked after well.

"They want to know that the bank manager or the person taking decisions understands their locality, understands their business and understands the circumstances of their application," he elaborates.

At Aldermore, we know that SMEs are frustrated about their relationship with their banks that larger high-street banks fail to meet their needs. With this in mind, Dr. Marshall welcomes the presence of a new challenger bank on the UK financial scene, in the form of Aldermore. 

"We need to see more challenger banks which is why we're very pleased to see Aldermore and others coming on to the scene and offering something different as a product for SMEs."

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