UK’s largest commercial broker trade body accepts BEIS invitation
The National Association of Commercial Finance Brokers (NACFB) has accepted an invitation to join the Government’s Business Finance Council.
The Council is jointly chaired by the BEIS Secretary of State and the Economic Secretary to the Treasury. The NACFB will sit alongside major lenders and providers of alternative finance, as well as UK Finance, the British Business Bank, and the ICAEW. The NACFB was in attendance for the Council’s first meeting of the year on Wednesday 2nd March.
The Business Finance Council was initially established in the wake of Brexit with the aim of working with lenders to ensure their SME customers can access growth finance. This year, and following the worst impacts of coronavirus, the Council’s remit will see it continue to identify impediments to finance.
Minister for Small Business, Paul Scully, commented: “This Government is working with small businesses and the financial sector through Start Up Loans, the Investing in Women Code and more to ensure all entrepreneurs can access the finance they need to succeed. The insights commercial brokers will bring through the NACFB will be invaluable, and I thank them for joining the Council at this important time.”
Paul Goodman, Chair of the NACFB said: “Our trade body sits in a privileged position, in that members are well placed to observe the realities of the funding process. From the initial awareness barrier that SMEs face to the challenges of navigating shifting risk appetites, commercial brokers sit at the financing coalface.
“Every step of a business’ funding journey presents potential pitfalls. Brokers aim to minimise these hurdles by partnering with their clients, sharing their expertise, and fulfilling their vital role as funding pathfinders. I look forward to sharing the unique insight of our members with our peers on the Business Finance Council.”
Norman Chambers, managing director of the NACFB shared: “From the outset of the pandemic, the NACFB maintained dialogue with organisations at all stakeholder levels. Such real time feedback enabled us to steer decision-making, influence details within the COVID loan schemes, and increase awareness of the intermediary route to market. We are proud that this work has been recognised and that we are able to take our seat at the table on merit.”
NACFB members helped originate £40.9 billion of borrowing by SMEs last year, with the average size loan facilitated standing at £458,582, up 17% on the year before, and surpassing 2019’s average loan size of £450,145.
Further details on the Business Finance Council can be found online here.