20th May 2013

Business Secretary launches guide to sources of alternative finance

The CBI, supported by GE Capital, has today launched a guide to sources of alternative finance encouraging small and medium-sized companies to consider a wider range of finance options, including asset based finance, to help them grow.

Speaking at the launch event, Vince Cable, business secretary, said:

“Britain’s businesses cannot grow, export and innovate without proper access to bank credit. But they also need alternatives when looking for finance. The government wants to see a shift in the market structure towards non-bank lending, and through the business bank is deploying £300m of the £1bn allocated to the initiative to invest alongside the private sector in new entrants and the growth of smaller lenders.”

Kate Sharp, CEO of the Asset Based Finance Association (ABFA), commented on the Guide:

“Businesses need help understanding the finance options that are out there and this report is a welcome step forward to that. The government and bodies like the CBI are doing a great deal to support ‘non-traditional’ forms of commercial finance and we welcome their efforts. The asset based finance industry has an important role to play in supporting even more businesses going forward and we look forward to delivering on that potential