95% of SMEs say that they are in favour of a government bill spearheaded by Business Secretary Vince Cable to help “hard-working people,” according to a new survey.
Unveiled in June, the bill aims to stimulate growth by increasing access to funding and investment for small and medium-sized enterprises. This includes opening up access to small business credit data, which the government says will help SMEs to secure loans from sources other than banks.
The survey conducted by the private equity firm Key Capital Partners, found that 80% of the of 100 UK SME owners polled believed that the bill would give their business better access to funding.
“SMEs have often struggled with accessing the finance necessary to maximise growth, and up to this point they have received little in the way of assistance from the government,” said Peter Armitage, partner at Key Capital Partners.
“However, our results show that the measures in the Small Business Bill are a step in the right direction. With the Government now standing firmly behind SMEs, growth continues to be a talking point for many businesses.”