Bank funding critical for small business growth

One of many firms Stephen McPartland has visited recently is a construction-related business which is family-run and based in Stevenage. This is a small business with around 20 employees that is working hard to keep the flow of work going so as to main

One of many firms Stephen McPartland has visited recently is a construction-related business which is family-run and based in Stevenage.

"This is a small business with around 20 employees that is working hard to keep the flow of work going so as to maintain local jobs and offering apprenticeship opportunities for young people", commented Stephen, "But as with many other businesses they are facing challenges in the current climate. Bank funding is particularly difficult as many banks are not lending to small and medium-sized businesses regardless of whether they have healthy order books or have a need investment to compete for orders and grow."

A Conservative government would create more diverse sources of credit available for small and medium-sized enterprises, SMEs, including the proposed National Loan Guarantee Scheme which would provide greater means of finance to business. Complementing the loan scheme are measures such as the reduction of the Corporation Tax rate for small businesses from 22% to 20% and simplification of the tax system more generally.

"SMEs provide a very large number of jobs in Stevenage overall and these companies are the engine of any economic recovery", said Stephen, "It is disappointing that labour are trying to choke the recovery with their new job tax and parking charges which is putting local jobs at risk. Our proposals go directly to addressing the issues and provide the means and incentive for businesses to maintain and create jobs.


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