New support for small businesses
As many of you know Stephen McPartland (Conservative MP for Stevenage) chairs the All- Party Parliamentary Furniture Industry Group. Stephen in association with PKF Accountants & business advisers have launched a new initiative to support SMEs generally that are struggling to get funding, whether for expansion or just survival.
As part of the venture, businesses with funding issues that approach Stephen in his constituency are being offered a free confidential meeting with finance experts from PKF to discuss their funding options.
This offer will be extended nationally, with Stephen McPartland contacting all Members of Parliament to explain more about the benefits of the service for their constituents.
Businesses that meet certain size criteria and attend an initial consultation will be given a realistic opinion on their current financial position, future prospects and likely funding requirements. Depending on the individual circumstances, PKF may then be able provide advice on a wide range of funding options including traditional bank lending, equity funding, invoice discounting, factoring, stock finance and asset finance.
Stephen McPartland MP said: ‘The Government is working hard to support small businesses, but entrepreneurs in most constituencies are approaching Members of Parliament with examples of the difficult experiences they have had with accessing finance. I wanted to team up with PKF to launch this gateway to small business finance, because the money is out there - we just need to help small businesses who are struggling to access that finance. Small Businesses are the lifeblood of our economy and are the real engines of growth and employment, they need our support and this is an important first step’.
‘There is too much talk and not enough action, so I am pleased we have taken the bull by the horns to help small businesses access finance. This is about providing real local businesses with real help’.
Kerry Bailey, partner at PKF, said: ‘Our recent experience from across the country shows that funding is available for businesses with solid track records and credible business plans. This means that preparation is more important than ever. Businesses need to understand the assessment criteria being used by lenders and investors, have a realistic view of their own financial circumstances and recognise the options available to them. The expertise and relationships we have developed over many years in the market mean that we are well placed to advise SMEs in these areas’.
‘We are beginning to see a number of forward thinking businesses that are seeking to expand their operations either by growing organically or through acquisitions. Persuading lenders and investors to finance such a strategy is possible, but companies will need to develop some compelling arguments in order to convince financiers to approve the funding.’
‘Where businesses are running out of funds, it is more important than ever that management acts quickly and decisively. We have seen too many companies that only start taking action when it.s too late. Getting advice from a financial expert can, in these cases, dramatically increase the chances of survival.’
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