The UK’s three
asset finance organisations teamed up to launch a comprehensive
list of sources of commercial finance for SMEs in the UK with the
Small Business Finance Directory.
Developed by the Finance & Leasing
Association (FLA) in conjunction with the National Association of
Commercial Finance Brokers (NACFB) and with the assistance of the
Asset Based Finance Association (ABFA), the aim of the online
directory is to make alternative lines of funding easier to find
and the bodies anticipate it will help 60,000 small businesses in
its first year.
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The Directory lists lease funders,
brokers and invoice finance providers and has the function to
search by region or postcode, search for nationwide lenders, or
contact independent advisors to help find commercial finance and
explain the spectrum of available products.
The government has lent its support to
the scheme and Commercial Secretary to the Treasury Lord Sassoon,
who helped launch the site at this year’s NACFB Asset Finance
Seminar in Westminster, wished it every success in helping the “the
lifeblood of our economy”, the local business sector.
He said: “The Government recognises that
small businesses are the lifeblood of our economy. That is
why we are providing support to small businesses to ensure that
they can access affordable finance to invest and grow.
“The Small Business Finance Directory has
been developed at the request of local businesses and I wish the
scheme success in meeting the target to help 60,000 businesses in
the next twelve months,” he added.
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By GlobalDataStephen Sklaroff, director general of the
FLA, said: “Every day, around 1,000 small businesses agree asset
finance deals which help them invest in essential new equipment.
Many more would do so if they had easy access to the available
sources of alternative finance.
“The Directory responds to requests from
small businesses for a clear and comprehensive reference source for
their funding needs.”
Adam Tyler, chief executive of the NACFB,
said: “The National Association of Commercial Finance Brokers has
for many years assisted SMEs to find funding – last year, in excess
of £10bn.
“This initiative will really make a difference
by highlighting the range of alternative forms of commercial
finance available to businesses.”
See also – NACFB panel talk
