New Business Finance Council to support SMEs through Brexit

(2 minutes to read)

Business, Treasury and Cabinet Office ministers met banking chiefs last week to launch new Business Finance Council and encourage support for SMEs.

Business Secretary Andrea Leadsom met senior representatives of Britain’s leading banks and other lenders to set out support for SMEs ahead of the 31st October and beyond to ensure they can make the most of the opportunities that Brexit will bring.

Joined by Michael Gove (Chancellor of the Duchy of Lancaster), John Glen (the Economic Secretary to the Treasury) and Kelly Tolhurst (Small Business Minister), Ms Leadsom reminded lenders of the existing guarantee schemes available to them through the government-owned British Business Bank and urged them to make the most of this support; enabling their SME customers to invest in capital, increase export capabilities and manage cashflow.

There is currently approximately £300 million of further headroom available to lenders this financial year through the British Business Bank’s Enterprise Finance Guarantee (EFG). The EFG facilitates lending to viable smaller businesses that lack sufficient security against which to borrow, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.

Ms Leadsom and Mr Glen also announced that they would co-chair a new Business Finance Council, to be made up of senior representatives from the UK’s leading banks and alternative lenders.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Email Jaime

Business Secretary Andrea Leadsom, commented, “Lenders must empower their SME customers to seize the huge variety of opportunities that lie ahead as we leave the EU on 31st October.

“Our new Business Finance Council will bring together key players, ensuring that finance continues to flow to our brilliant British businesses so they can do just that.

“Our financial system is strong and banks have the capacity to lend. I would urge lenders to take advantage of the support on offer from our fantastic British Business Bank.”

The Economic Secretary to the Treasury, John Glen, added, “SMEs are crucial to the economy and I want to make sure they are fully prepared as we get ready to leave the EU.

“It’s vital that businesses engage with their lenders ahead of Brexit and the new Business Finance Council will ensure government, banks and other lenders work together to help SMEs access the finance they need.

“As the City Minister, I will be working closely with lenders to make sure businesses can seize the opportunities of Brexit and continue creating jobs, growth and prosperity for the country.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

dav1