SMEs back Small Business Bill

07/10/2014

It’s a big thumbs up for the Small Business Bill as 95% of SMEs – the ones it will effect – say that they “emphatically back the proposal”, according to a new survey.

The survey, conducted by Key Capital Partners, polled 100 UK SME owners and found overwhelming support for the bill which was unveiled in June.

The Small Business Bill aims to stimulate growth by increasing access to funding and investment for small and medium-sized businesses by opening up access to small business credit data, therefore ensuring that it is simpler to get a loan from lenders other than banks. And, according to the survey, 80% of SMEs believe that the bill will provide greater access to funding.

Also addressed in the bill is the ever-increasing issue of late payment which was well received among those surveyed with 60% saying that they believe the new legislation will address the issue in enough detail.

However, over half of those surveyed felt that more could be done to help businesses, with additional tax breaks and government-backed training measures for staff being potential solutions.

The new law may not be an easy transition for all businesses. SMEs have been warned that, as with all changes, elements of the new law will contain a lot of complexity which companies and investors will need to adjust to and work hard to understand as soon as possible.

The Small Business Bill is the latest in a series of attempts by the government to improve access to funding for SMEs. And although other attempts, such as the Bank of England’s Funding for Lending scheme, have seen limited success, the new bill shows that there is a continued commitment to revitalising growth for small and medium businesses across the UK.

What do you think about the Small Business Bill? And how will it impact your business? Please share your thoughts in the comments below.