The government is facing increasing pressure to boost SME lending as the EEF industry association has called for action to prevent a double-dip recession. At the same time, popular British luxury pie maker Higgidy has highlighted the advantages of invoice finance.
The EEF, the manufacturers’ organisation for UK manufacturing companies, has called on the Chancellor to do more to stimulate business growth. The organisation has outlined a series of measures, including moves to boost competition in business banking, which it believes can turn around plummeting business confidence.
EEF’s business banking proposals appear to revolve largely around an enhanced sell of the Lloyds TSB branches and making it easier for dissatisfied customers to use alternative services. How this call fits in with the Chancellor’s recently announced plans to boost small business lending, which have been criticised by some, remains to be seen, but it will be interesting to hear the second phase of his review.
A sector that is already creating more competition in business banking is invoice finance. Shining a greater spotlight on this marketplace would benefit small businesses in the UK.
One company that is benefiting from this service is British food manufacturer Higgidy. Famous for its range of traditional pies, the company has been helped by access to invoice discounting, according to a recent article in the Daily Telegraph. This small business finance product has helped it to maintain cash flow and overcome the difficulties caused by slow payers.
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