‘Choosing how and where to access finance is one of the most important decisions that small businesses make, and it’s only right that entrepreneurs have access to all the information they need before making their choice. Openness and transparency is at the heart of all good business.’
Andy Silvester, Head of Communications at the Institute of Directors (IOD)
SMEs are the lifeblood of British entrepreneurialism. External capital is essential to help these businesses walk the tight rope between prudence and ambition and survive these challenging markets – yet for too long, an opaque system of unregulated SME finance has been allowed to unfairly disadvantage business owners seeking fair and transparent lending. As an investigation into SME banking by the Competition and Markets Authority (CMA) observed, ‘Prices are opaque and lending products are complex’.
A light is now being shone on this important issue thanks to a new campaign by Growth Street, an outstanding business offering flexible finance to small businesses on an as-you-need-it basis. Backed by the IOD and the Institute of CPAs, their APR4SMEs campaign is seeking mandatory declaration of all APR rates, helping SMEs secure competitive offers and avoid hidden penalties. The campaign is gaining momentum and last month secured cross-party backing in Parliament.
Listen to Growth Street CEO, James Sherwin-Smith speak in depth about the SME overdraft crisis and possible solutions to the Fintech industry, and show your support with #APR4SMEs