UK government launches inquiry into SME funding challenges

2-minute read

The Houses of Parliament in the UK

The Treasury Committee is investigating the gap in availability and accessibility of small business funding in a new inquiry.

MPs will look into the financing of small and medium-sized enterprises (SMEs) – and what the government can do to address these challenges.

The inquiry’s launch on 3 July is timely as many small businesses are struggling with rising costs, and a quarter say lack of funds and access to credit is a key concern for 2023.

Harriett Baldwin MP, Chair of the Treasury Committee, said: “Small businesses are the lifeblood of local communities, powering economic growth, and fostering innovation and an entrepreneurial spirit.

“As a committee, we’ll be examining whether small businesses are able to access the finance they need to grow and develop, whether there is adequate regulation of the sector, and if government can take a more active role to support business growth.”

As well as digging into disparities in funding opportunities, the committee is also looking into regulatory issues and how government policy can help. This includes understanding the process for managing disputes with lenders and the usefulness of the British Business Bank.

Have your say – share your challenges with MPs

Small businesses have the chance to share their experience with lenders so a range of voices can be heard as part of the inquiry.

The committee is looking for evidence around key questions, including:

  • what are the key challenges you face when seeking finance?
  • what funding channels have you found success with?
  • how accessible is finance for businesses of different sizes?
  • what’s been the impact of coronavirus loan schemes on SME finance?

Read the full list of questions in the committee’s call for evidence and consider where you can provide insight.

You can then submit your evidence before 5pm on 13 August 2023.

Small business funding guides and resources

Have you tried to access funding for your small business? Let us know your experience in the comments below.

Looking for self-employed insurance?

With Simply Business you can build a single self employed insurance policy combining the covers that are relevant to you. Whether it’s public liability insurance, professional indemnity or whatever else you need, we’ll run you a quick quote online, and let you decide if we’re a good fit.

Start your quote

Photograph 1: Tupungato/stock.adobe.com

Written by

Catriona Smith

Catriona Smith is a content and marketing professional with 12 years’ experience across the financial services, higher education, and insurance sectors. She’s also a trained NCTJ Gold Standard journalist. As a Senior Copywriter at Simply Business, Catriona has in-depth knowledge of small business concerns and specialises in tax, marketing, and business operations. Catriona lives in the seaside city of Brighton where she’s also a freelance yoga teacher.

This content is for general, informational purposes only and is not intended to provide legal, tax, accounting, or financial advice. Please obtain expert advice from industry-specific professionals who may better understand your business’s needs. Read our full disclaimer

This block is configured using JavaScript. A preview is not available in the editor.