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Trade bodies demand more help for small businesses

Mon, 24 Nov

Business groups will attend the first meeting of a new Government small business finance forum on Tuesday with a long list of initiatives designed to help small businesses weather the economic downturn.

They include taking a tougher line on the banks, which have been withdrawing and repricing credit facilities, a series of tax breaks and making better use of existing small business schemes.

Lord Mandelson, the Business Secretary, and Baroness Vadera, the business minister, will host the meeting, which will also include representatives from the banks.

The British Chambers of Commerce's director general David Frost, said his organisation had "serious concerns about the availability of credit and the tightening of credit conditions for small businesses".

"If things carry on like this, many sound UK businesses will be bust by Christmas," he warned. "We have received numerous calls from small businesses who are trying to manage cash flow, but credit such as overdrafts are being withdrawn indiscriminately and terms changed without notice."

The CBI and the BCC are among those calling on the banks to make better use of the existing Small Firms Loan Guarantee scheme, which gives a state guarantee to up to 75pc of the value of a loan to a business that is commercially viable but lacks assets against which to secure the loan, and to take up discounted European Investment Bank funds that are aimed at smaller businesses.

The CBI will also use the forum to lobby for initiatives in this month's pre-Budget Report. Lucy Findlay, head of enterprise at the CBI, said they wanted to see the planned one percentage point rise in corporation tax paid by smaller companies scrapped. The organisation will also request that proposed new taxes on family businesses, designed to counter tax efficient income splitting between partners, should be postponed for a further year. It is also keen to see the professional advisory costs of raising equity investment made tax deductible to bring the tax treatment of equity fund raising in line with bank borrowings.

Source:http://www.telegraph.co.uk/finance/yourbusiness