The SME Finance Taskforce has published its cation plan to boost the UK economy by accelerating credit and access to finance for 5.5 million SMEs.
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The task force, founded in April by the Center for Finance, Innovation & Technology (CFIT), has published a seven-point action plan report:
At the heart of the plan is the use of high-quality data, enabling SMEs to expand and obtain funding to grow and scale. This SME report builds on the CFIT Blueprint report on Open Finance published earlier this year.
Charlotte Crosswell, CFIT chair, said: “The financial services and fintech industries have worked together to develop a comprehensive program that will boost the UK economy by improving the lending experience for both SMEs and the lenders themselves.”
“What is particularly exciting is that this does not require any significant public spending. While policy implementation inevitably takes time, there are so many levers that the industry can use, with the support of policymakers, to quickly build momentum, boost SME lending and stimulate growth.”
Taskforce members include iwoca, Sage, OakNorth, Allica Bank, Experian, HSBC, Lloyds Banking Group, Mastercard, the Federation of Small Businesses (FSB) and Revolut.
Treasury Secretary Tulip Siddiq said: “Ensuring that businesses can access finance quickly and efficiently is critical to their growth and success.” New and innovative technologies such as open finance can play an important role in unlocking the potential of SMEs across the country and I will carefully consider the taskforce’s recommendations.”
Jane Prokop, Executive Vice President, Small and Medium Enterprises, Mastercard, said: “Increasing lending to SMEs is helping to build a stronger, more sustainable economic foundation by helping businesses realize their growth potential.” About our open banking and SME divisions, Mastercard already supports innovative financial solutions that enable access to finance for SMEs across the UK, providing them with sophisticated tools to improve their cash flow forecasts. The SME Action Plan to Boost UK Economic Growth through Access to Data is a natural next step in improving financial outcomes for SMEs and the implementation of this Action Plan will incentivize the financial ecosystem to invest in the UK.”
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