Streamline loan schemes says FSB

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The Federation of Small Businesses is calling for Government lending schemes to be more streamlined.

The FSB is backing a Parliamentary committee that found there are too many overlapping schemes, better evaluation is needed of their effectiveness and better communications are needed to make business aware of the aid available.

FSB regional chairman and Sheffield businessman Gordon Millward said: “Recent FSB research shows hundreds of schemes available to support small and medium-sized businesses, but no clear mechanism for evaluation, co-ordination or communication either at national or local level.

“At the central Government level the FSB agrees the British Business Bank should be the mechanism to simplify existing Government lending schemes and believes it should also provide information about alternative lending to small firms.”

The FSB is calling on the Government to set up an American-style small business administration department to answer the criticisms of the current system.