According to the Bank of England’s report, the top 5 banks are failing to meet Government lending targets. Because of this, SME’s are struggling to expand their businesses due to lack of finance available from traditional sources.
This news comes as Yorkshire Forward faces closure, an organisation offering support to small and medium companies in Yorkshire. Prolific businessman Lord Digby Jones is outraged that support for SME’s is steadily decreasing; “If you are a hard-working SME and your banker turns off the credit there is a bond of trust that has been broken.”
Now, the IWP team are looking to strengthen bonds by taking the challenges of SME’s into our own hands. By developing a new key service to our ‘Transformation’ offerings we are hoping to assist those struggling to raise finance.
As intermediaries for funding, IWP are now able to assist start-up businesses and already existing businesses alike to secure finance by reviewing Business Plans, forecast Profit and Loss accounts and Cashflow projections.
With so many support networks closing their doors, it turns to the community to make a difference, if we don’t help each other, who will? IWP have developed this new service to help small and medium businesses thrive in an already challenging economy.