CBI responds to Chancellor’s plans to boost finance for small businesses

Louise Hellem, Chief Economist, CBI says:

“Expanding support to more businesses through the Growth Guarantee Scheme, lengthening loan terms and backing IP-rich, innovative companies can help unlock investment in every part of the country. For many SMEs, the right finance at the right time can be the difference between delaying plans and pressing ahead with new equipment, new markets or new hires.

“The government deserves credit for listening to business and putting forward a package that recognises the practical finance challenges firms face. The priority now is delivery and making sure the support is simple to access, well understood by businesses and effective in crowding in private capital.

“If implemented well, these reforms can help more SMEs scale, export and adopt new technologies here in the UK – supporting productivity, stronger local economies and long-term growth.”