SMEs Access to Finance 2024-01-25
2024-01-25
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
▸
Context
The MP is inquiring about steps being taken with the Chancellor of the Exchequer to improve access to finance for SMEs. No specific statistics or incidents are mentioned.
What steps she is taking with the Chancellor of the Exchequer to help increase access to finance for small and medium-sized enterprises?
The Government works with the British Business Bank to improve access to finance for smaller businesses through targeted programmes, such as £12.4 billion of finance backing more than 90,000 businesses across the UK and £1 billion in start-up loans for 105,000 small businesses since 2012.
▸
Assessment & feedback
Response accuracy
Q2
Partial Answer
▸
Context
The MP is concerned about SMEs finding it increasingly difficult to open bank accounts and access the support and services available.
I am grateful to my hon. Friend for that reply. Many SMEs and new businesses are finding it increasingly difficult to open a bank account and to then obtain the support and services that used to be available in the rapidly diminishing branch network. What steps is he taking to address those challenges that SMEs are facing?
Leading banks and alternative lenders are committed to the SME finance charter, helping small businesses and start-ups. Banking hubs are also available for those without a bank on their high street, providing face-to-face support. Thirty have already opened, and 70 more are in the pipeline.
▸
Assessment & feedback
The answer provides some information but does not detail specific steps taken to address challenges faced by SMEs with opening accounts or obtaining services.
Working With Industry
Response accuracy
Q3
Partial Answer
▸
Context
The MP inquires about a scheme where small businesses can access funding to decarbonise their business operations.
I thank the Minister for his response. There is a willingness to meet net zero commitments from businesses all over the United Kingdom of Great Britain and Northern Ireland, so would the Minister be prepared to introduce a scheme whereby small businesses can access funding to implement infrastructure changes in their businesses to help them achieve net zero, and will this be available to all parts of this great United Kingdom of Great Britain and Northern Ireland?
We already have programmes in place, including the £12.4 billion distributed through the British Business Bank that supports nations and regions funds, which will certainly help businesses access finance to decarbonise. We look at those measures all the time.
▸
Assessment & feedback
The answer does not commit to introducing a specific scheme but acknowledges existing programmes may support decarbonisation efforts.
Discussing Existing Programmes
Response accuracy
Q4
Partial Answer
▸
Context
The MP notes that small and medium-sized enterprises face challenges such as complex regulation, insufficient access to funding, and inadequate Government guidance. Labour has launched a taskforce with the Federation of Small Businesses.
Small and medium-sized enterprises are a vital part of a thriving global economy, yet 49% of British SMEs say that they lack the time or resources to sell internationally. They are being hindered by complex regulation, insufficient access to funding and inadequate Government guidance. That is why Labour has launched the small business export taskforce with the Federation of Small Businesses to listen to business needs and address them head-on. What is the Minister doing to support hard-working SMEs in navigating the Government's complex web of regulatory requirements and help unleash this untapped entrepreneurial potential?
We have 73 free trade agreements, including the comprehensive and progressive agreement for trans-Pacific partnership. The export support service, international trade advisers, and export champions also help SMEs export to other parts of the world.
▸
Assessment & feedback
The answer discusses FTAs rather than addressing challenges related to regulation or guidance.
Changing Subject
Response accuracy