Businesses to get banking support?

Banks in the UK have published an eagerly awaited report on how they will address difficulties faced by small firms in the UK.

The Business Finance Taskforce's study recommends 17 strategies to focus on when working with small businesses.

John Varley, Barclay's chief executive, said: "As banks we have an obligation to help the UK economy return to growth. The private sector will play a key role in the recovery and it's our job to help viable firms to be successful.

"SMEs are particularly important as a source of job creation and growth."

Three of the areas outlined in the report include plans to ease credit restrictions, improve communications between the banking and small business sector and maintain better relationships.

The six high street lenders suffered a backlash last month after they said they would check the credit history of all businesses that had been turned down, in a bid to show that lending criteria is fair.

Published on: October 14, 2010

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