Comment on BoE report
23/01/2012 / Comments 0
Comment from Evette Orams, Managing Director of Hilton-Baird Financial Solutions, on the deteriorating credit outlook for SMEs:
“The Bank of England’s latest Trends in Lending report provides yet more evidence that the UK’s small business community can no longer rely on traditional sources of finance to provide a cash flow boost.
“Despite Project Merlin, lending through overdrafts and bank loans has failed to reach the desired levels. Furthermore, lending to companies with sales of less than £25m decreased annually by 6.1% in the year to November 2011.
“Hence, business owners should be exploring more targeted funding solutions in light of the significant cash flow pressures on their businesses at present. In contrast to wider bank lending, the Asset Based Finance Association revealed advances through its members increased annually by 9% in Q3 2011 as sales of its members’ clients rose by 16%.
“Given the significant rise in both the success and availability of asset based finance over the past few years, isn’t it time that SMEs explored all the options at their disposal?”
Note to editors:
Evette Orams is Managing Director of Hilton-Baird Financial Solutions, which is part of the Hilton-Baird Group of companies. As an independent introducing agent, Hilton-Baird’s aim is to clearly identify their clients’ business requirements and match them up with relevant providers. The Group prides itself on maintaining excellent relationships with a broad spectrum of lenders and constantly delivering positive and innovative financial solutions.
Hilton-Baird Financial Solutions was voted Asset Based Finance Broker of the Year 2009 & 2010, demonstrating its reputation and the trust its clients place in its service.
The business’ affiliations to the leading financial industrial bodies, the Asset Based Finance Association (ABFA), the Finance and Leasing Association (FLA) and the National Association of Commercial Finance Brokers (NACFB), ensures it maintains the highest level of standards for its clients.
Hilton-Baird Financial Solutions helps businesses of all sizes to fulfil their potential by introducing the most suitable cash flow solutions. Read recent success stories here.