CashFlows meets the governor of the Bank of England to discuss the financial challenges facing small businesses
CashFlows, the innovative Financial Services Company, lead a small group of alternative finance specialists, small business owners and industry journalists in a meeting with the new governor of the Bank of England's to discuss the financial challenges facing small businesses.
Mark Carney, the Governor of the Bank of England invited CashFlows to a private meeting to discuss our key concerns about the financial situation facing the UK's small businesses, outlined in an open letter backed by 15 signatories from small business owners and trade associations to small business journalists and industry commentators.
The open letter suggested the following recommendations for Mr Carney's first 100 days in office:
- Ensure better promotion of alternative financial service providers and support outlets - and encourage the FCA to review and recognise these new players
- Promote the return of direct relationship management between banks and businesses, encouraging continuous and personalised guidance relevant to a business' evolving needs
- Make the Prompt Payment Code legally binding
- Enforce transparency in bank charging and scoring structures
- Talk to 100 start ups in 100 days in order to better understand the needs of British small businesses and the support they require
During the private meeting, the suggested recommendations and the financial challenges faced by small businesses were discussed.
Neil Graham, CEO of CashFlows said:
"We were delighted, along with the other signatories to the open letter, to be invited to meet with Mr Carney at the Bank of England."
"As a financial services provider and small business ourselves, we were impressed with Mr Carney's direct interest in the challenges facing UK business. The private meeting, which lasted an hour, explored many of the topical issues. He's an engaging and interesting man and has amassed a good grasp of the issues in a short space of time."
Jayne Oates, Head of Service Delivery at CashFlows added:
"The meeting was extremely productive with Mark Carney taking a keen interest in our feedback and supportive of more competition in the market."
Commenting on the meeting, the governor of the Bank of England, Mark Carney said:
"I was pleased to meet with a number of start-ups and SMEs to discuss a range of issues they face as well as the potential role of new forms of finance."
"These companies play a significant role in the UK economy and there is no substitute for hearing directly from those who deliver economic growth."
Alongside CashFlows, other attendees of the meeting with Mark Carney included Dan Martin, editor of BusinessZone, Brian Jack, is4profit Managing Director of is4profit, representatives from alternative finance vendors - Conrad Ford, Managing Director of Funding Options and Nick Montague, Chief Executive of Fundingstore.com as well as Adam Ball, of creative connection website Concept Cupboard.