Small and Medium-Sized Enterprises: Funding

Lord Barnett Excerpts

Tuesday 25th June 2013 Lords Chamber

[Lord Popat]

My Lords, the Government’s own research shows that awareness of the access to finance schemes has fallen in recent years. This is why we are launching a tailored marketing communication campaign to increase the awareness of many government access to finance schemes available to small and medium-sized businesses. This activity usually results in a highly successful brand. The launching of the business bank next year will solve part of that problem.

[Lord Barnett]

My Lords, has the Minister seen the recent survey by BDRC, which showed that only 23% of SME companies knew anything at all about the Government’s initiative? The survey also found that of SMEs applying for the first time, only 50% were accepted. Does he have some new initiative that might help?

[Lord Popat]

My Lords, my answer is no different from that to the previous question about awareness. Yes, we are doing everything possible through the Bank of England and the clearing banks to make their customers aware of the different schemes available to SMEs to borrow money through government incentives.