News
Helping No 10 Understand Small Business
Posted on 08 April 2010
Managing Director, Dr Shaun Fitzgerald, attended the Business Breakfast at No 10 Downing Street hosted by Gordon Brown and Peter Mandelson. The meeting was aimed at understanding funding issues and the full text of the Prime Minister's speech can be found at http://www.number10.gov.uk/Page23073
The main thrust of the meeting however came with the lively debate that followed the Prime Minister's talk. Several speakers highlighted continuing funding issues for SMEs and the onerous terms attached to accepted credit applications. Peter Mandleson highlighted that more than 75% of credit applications in 2009 had been approved.
Speaking after the meeting Shaun said "Those statistics are completely missing the point. Whilst banks may be offering credit to SMEs they are attaching increasingly onerous terms, such as Director's personal guarantees. This type of credit is not worth the paper it is written on."
The Breakfast Briefing is the latest in a series of events that Breathing Buildings has contributed to, helping the Government to understand issues faced by small enterprise in the current economic climate.