Steve Rotheram demands better finance for local businesses(July 01, 2011)
Labour MP, Steve Rotheram is taking action to help local businesses, by launching a survey to find out about their experiences in accessing finance amid concern over banks’ failure to lend on reasonable terms to small and medium sized businesses (SMEs).
While banks have cited a lack of demand for lending among businesses, Steve, who just this week secured a debate on the future of the Construction Industry in the UK, has continued to contest the government line of defence
Now, the Merseyside MP is finding out whether Mr Cable’s analysis accurately reflects the experiences of SMEs in and around Liverpool Walton.
The government’s Project Merlin agreement with the banks in February promised billions of pounds in increased lending to SMEs. Yet the first set of quarterly lending statistics, published by the Bank of England showed that banks are failing to meet its target by over £2 billion.
Steve said, “There are concerns that banks are not offering businesses finance on reasonable terms, putting off potential SME applicants for loans and overdraft facilities.”
“The survey that Labour are conducting, also aims to build up a picture of the pressures which businesses in Walton are currently facing in accessing finance. It is part of Labour’s Better Finance for Business campaign, gauging demand for business finance among SMEs across the UK and engaging with their concerns.”
The former Lord Mayor of Liverpool continued, “The government is not doing enough to get banks lending to SMEs, and I am concerned about the impact this is having on our local businesses in Walton and across the North West. It is essential that we are updated regularly on the problems local businesses are facing so that we can produce the best policy for them and ensure that they continue to provide jobs and services across Liverpool.”
“It is important to engage in a constant dialogue with local businesses and listen to their concerns, experience and above all, their advice.”