Banks offer fresh assistance to smaller businesses |
| Tuesday, 16 December 2008 | |
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Improved commitments are being offered to small businesses as part of a new set of principles created by the British Bankers' Association (BBA) and the Department of Enterprise & Regulatory Reform. Under the guidelines, small firms are to be given extra support if they get into difficulty during the current financial climate. BBA chief executive Angela Knight said: "The industry and its customers are well aware that good managers and responsible banks are beneficial to everyone concerned." As part of the updated guidelines, which were originally introduced in 1997, smaller companies have been encouraged to ask for assistance early if they believe business is not going well. Federation of Private Business (FPB) policy representative Matthew Goodman said: "It is significant that the banks have affirmed these principles, particularly during this difficult time for small businesses. "The FPB is continuing to monitor the situation to ensure small firms feel the benefit." Earlier this month, firms met with the Low Pay Commission to discuss possible future rises in wages and the impact these could have. And in the last few months the Association of Convenience Stores met with Tory MPs to talk about the party's plans to lower National Insurance paid by smaller outfits. Related Articles
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