Budget: Chancellor provides a boost for UK SMEs, says Aldermore

POSTED: 19th March 2014
IN: Newsroom

Commenting on the Chancellor's announcements on changes impacting SMEs, Aldermore Bank Invoice Finance Managing Director Damon Walford says:

"There were several measures in today's budget which will boost the UK SME industry. Cutting interest rates on exports and doubling the funding for export finance is a move that will be welcomed by manufacturers throughout Britain. This sends a positive message to those firms making a name for Britain around the globe and it nice to see some polices which will be felt beyond the south east.  

"We also welcome the policies specifically around making access to finance faster and easier.  Firstly, the government announced that that banks must agree a 'deed of priority' within 7 days. Not only will this simplify the process but it will also ensure that SMEs will benefit from smoother and faster access to finance.

Secondly, the Chancellor has said he will launch a consultation on legislating to help match SMEs who are turned down for a loan with alternative lenders. Aldermore has lent £1.8bn to British Businesses and looks forward to engaging with the government in this consultation."


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