‘Lending scheme needs to meet business needs’ – Bradley
SDLP finance spokesperson Dominic Bradley has said that the Funding for Lending Scheme needs to be tailored to meet the needs of business and commerce here.
“The latest FSB ‘Voices of Small Business’ index for the third quarter of 2012 suggests that business conditions are even tougher here than in parts of Britain. It also shows that at UK level banks rejected 42 per cent of small firm loan requests – up from 40 per cent on the previous quarter.”
“DfP surveys in this regard also suggest that approval rates are lower. It is imperative that government funds made available to banks to loan to businesses and households get to the people who need them without inhibitive overly strict conditions.”
He added, “Our Small and Medium Businesses needs the flexibility of available credit in order to expand and create more jobs. Government funds should be facilitating such growth and this scheme should not be jeopardized in any way by the commercial banks as has been the case in the past.
“I will monitor the operation of this scheme in my role as Deputy-Chair of the Finance Committee and through questions to the Minister on the floor of the Assembly.”
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