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26th June 2014

Business Finance Guide a crucial tool for businesses across economy

The new Business Finance Guide, launched today by the British Business Bank and ICAEW in association with the ABFA and partners across the business funding sector, is a crucial tool for businesses across the economy says the Asset Based Finance Association, the body representing the asset based finance industry in the UK and the Republic of Ireland.

The launch at the House of Commons by the Rt. Hon Dr Vince Cable MP, Secretary of State for Business, Innovation & Skills, also included a discusion panel chaired by Michael Izza, CEO – Institute of Chartered Accountants in England and Wales (ICAEW). The panel consisted of:

The report authors were David Petrie and Marc Mullen.

Produced by British Business Bank and the ICAEW, the launch of the Business Finance Guide comes the day after the government introduced the Small Business, Enterprise and Employment Bill which includes measures to increase the availability and sources of investment for small businesses by opening up access to small business credit data and to improve larger companies payment practices.

The Business Finance Guide – a journey from start-up to growth has been devised for businesses and advisers with input and support from 17 major professional, membership and representative organisations, including the ABFA, who together represent more than a million members in businesses, finance providers and advisory firms and organisations.

The Business Finance Guide includes several tools and ideas to help businesses consider their options, make decisions and plan how to finance expansion whilst highlighting that there is an increasing variety of sources of finance available to UK companies.

Jeff Longhurst, Chief Executive of the ABFA, says:

"The ABFA is delighted to have worked so closely with the Government on this guide, which recognises the importance of asset based finance as part of the funding toolkit for growing businesses."

 

"We look forward to working with the Government, and particularly the new British Business Bank, in helping to lower the barriers to affordable finance for businesses across the growth spectrum."

The ABFA says that a record £17.5 billion of asset based finance was in use by British businesses at any one time over the past year, up 9% on a year ago and 29% on the peak of the recession in 2009/10.

A copy of the guide can be downloaded by clicking here