BUSINESS SURVEY EMPHASISES NEED FOR BANKING ACTION

BUSINESS SURVEY EMPHASISES NEED FOR BANKING ACTION
Responding to the Global Entrepreneurship Monitor 2009 report published today by the Hunter Centre for Entrepreneurship SNP MSP and Economy Committee member Stuart McMillan said it emphasised the need for a diverse banking sector and for banks to support small business.
“It is no surprise that business start ups have fallen through the recession.
“One part of the package to support business must be an increase in business lending by the banks and more diversity in the business banking market.
“With Scotland’s business banking dominated by only two banks and lending at a low during the recession many viable businesses will have struggled to get finance together, while the impact of the recession will have scared other budding entrepreneurs away.
“The SNP will continue to listen to anyone with ideas for supporting small business and to work with Scotland’s business community to continue our help, through the small business bonus, to cut costs and help small business thrive.  However action by the banks, to back business, back growth and support the economy is a key step in recovering from the recession and encouraging people into business.”