BCC: Banks must improve lending to businesses

Date: 23/05/2011

Revenue share numbers could be a good way for businesses to generate funds at a time when lending is subdued, following one expert's comments on a shortage of funding for small firms.

Director-general at the British Chambers of Commerce (BCC) David Frost explained that during the recession, the relationship many companies had with their banks "suffered tremendous strain".

A proportion of finance providers have missed their lending targets and they need to offer greater transparency, as well as local support, he stated.

"Encouraging businesses who may have been dissuaded by headlines around a lack of credit to apply for finance is essential," Mr Frost noted, adding that financial firms must discuss matters with their enterprise customers and start making decisions.

One way for firms to boost their finances and generate funds could be to adopt 0871 numbers, which customers are charged to call.

This means firms can earn revenue every time a consumer gets in contact, as well as present a national presence and a memorable number.