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Business funding – Government launches inquiry into challenges SMEs face
As many small businesses are struggling with rising costs, MPs will look into the challenges small businesses face when seeking business funding.
Earlier this month the Government launched an inquiry into the challenges SME’s face when seeking finance. The Treasury Committee is investigating the gap in the availability and accessibility of small business funding in a new inquiry.
Harriett Baldwin MP, Chair of the Treasury Committee, said: “Small businesses are the lifeblood of local communities, powering economic growth, and fostering innovation and an entrepreneurial spirit.
“As a committee, we’ll be examining whether small businesses are able to access the finance they need to grow and develop, whether there is adequate regulation of the sector, and if government can take a more active role to support business growth.”
Among the questions being raised is whether access to SME finance is particularly challenging for women, people from ethnic minorities, people from certain social classes, or any other group?
As well as examining the disparities in funding opportunities, the committee is also looking into regulatory issues. It will also look at how government policy can help. This includes understanding the process for managing disputes with lenders and the usefulness of the British Business Bank.
Share your challenges
The committee is seeking evidence around the key questions, including:
- What are the key challenges Small and Medium-sized Enterprises (SMEs) face when seeking finance?
- Is securing access to SME finance particularly challenging for women, people from ethnic minorities, people from certain social classes, or any other group? If so, what should be done about it?
- How accessible is finance for SMEs of different sizes? what’s been the impact of coronavirus loan schemes on SME finance?
- How well does the Financial Ombudsman Service (FOS) work for small business complaints?
View for the full list of questions, the committee is calling for evidence.
You can then submit your evidence before 17:00 on 13 August 2023.