Despite recent research suggesting small businesses don’t trust government funding schemes, it seems the proposed ‘Business Bank’ is an attractive concept to small business owners.
A new survey from the Open University and the Finance and Leasing Association (FLA) reveals that 48% of respondents think the Bank will be a positive move, compared to 30% who feel it won’t be relevant to their industry and 22% who were unsure. This is in stark contrast to recent research, where 90% of respondents said government funding initiatives are of no help to them.
When asked how they would like the Business Bank to be able to help them, 64% said that adequate access to finance during economic downturns is a priority. Longer-term finance such as ten year loans were important to 60% of respondents and 59% said it was important for the government to provide support for commercial providers to lend more easily or more cheaply.