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Need for finance 'will increase'

Date Added: 04/08/2010  

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Business debt advice may be in high demand after experts warned the need for small firms to access finance will increase.

According to the Forum of Private Business (FPB), finance will be required by small ventures more and more as the economy begins to expand.

Indeed, the group said small businesses will be trying to meet renewed demand when market conditions start to improve.

As a result, banks may be required to step up the amount they lend.

However, the British Bankers' Association has found that year-on-year term lending fell by £269 million in June 2010.

Matthew Goodman, head of policy at the FPB, said this backs up its own research which showed that since early June, both loans and overdrafts have decreased.

This, he stated, has come at a time when small businesses require more finance to fuel growth.

"Small firms must be the catalyst for sustained economic recovery," Mr Goodman added.

The Institute of Directors recently stated that the amount of security requested by banks is making lending criteria increasingly restrictive.

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