It seems that not a week goes by in which the Government isn’t doing something new to help the UK’s small businesses.
Having come under heavy scrutiny for seemingly ignoring SMEs in the past, the Government is now doing everything in its power to bolster this unquestionably important contributor to Britain’s economic recovery. The latest change: a new website launched to help SMEs compare business bank accounts.
The Business Banking Insight (BBI), which was launched recently, will present smaller companies with five star ratings for 74 different banks based on the opinions of 5,000 businesses. More SMEs will also be surveyed over the coming months to garner more accurate and far-reaching results.
With the banking industry criticised for its reluctance to lend to the supposedly riskier small or microbusinesses, the BBI website will put pressure on them to improve the way they treat and serve this market. It follows news about the alternative lending scheme, in which banks will have to refer companies who apply for finances to a competitor if they choose not to provide the money.
At the Business Sale Report we recognise that legislative change or less official initiatives such as the BBI are important steps in ensuring small businesses get the financial support they need. Furthermore, as the economic outlook brightens month-on-month, and the fortunes of individual companies continue to improve, the confidence to pursue business acquisitions is likely to grow, making lending habits even more important.
Needless to say funding is a critical part to the acquisition process and thus the banks must look to actively support businesses as best they can in this venture.
As Chancellor George Osborne commented: “A key part of our long-term economic plan is increasing competition and choice in banking, and ensuring Britain’s SMEs get the best possible service from their bank. This new survey will be a powerful tool for these businesses, providing them with the means to see who’s up for the challenge and who isn’t.” 
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