The UK government has announced its intention to raise awareness of alternative sources of funding like asset finance and leasing for medium-sized enterprises, with MP Matthew Hancock observing that access to finance is not just a policy issue for companies – it’s about growth.
Speaking at the Medium-Sized Business Conference in London, Mr Hancock – minister of state at the Department for Business, Innovation and Skills – told companies that the building blocks are now being put in place to make sure that investment is unlocked, finance is diversified and more businesses are aware of the alternatives to the traditional high street lenders.
“We are working to strengthen private placements and alternatives to traditional bank finance. None alone will solve this gap but together, in time, we will tackle this historic weakness and support our medium-sized businesses. All these things together have one goal,” Mr Hancock went on to say.
This comes after the government launched its Do More Online campaign, designed to help support small to medium-sized enterprises even more going forward. In all, £2 million of funding is to be provided through local enterprise partnerships, alongside a digital TV channel in Manchester, networking sessions and other events designed to help companies progress in the coming months and years.
In order to see true business success, companies need to be online these days but many are still yet to take advantage of the opportunities the internet can yield. There are many customers that can be reached in this way, so if you would like to expand in the future this could well be the way to do it.