As the World Economic Forum in Davos, Switzerland, continues, Sage's UK & Ireland CEO, Brendan Flattery highlights what UK businesses want to see come out of the global meeting of politicians, big business, charities and rock stars.
"Some of the key discussion points at this year's World Economic Forum conference revolve around issues close to the hearts of Britain's two million businesses including entrepreneurship, employment, growth and competitiveness.
"British businesses gave a vote of confidence to themselves in Sage's recent Business Index research, although they firmly demonstrated their belief that banks remain reluctant to lend. This week's reports from the Public Accountants Committee [1] and the Bank of England [2] also suggest that entrepreneurs and businesses are still unable to access the financial support they need.
"More than half (54%) of UK businesses agree that banks aren't doing enough to make funding available to businesses and nearly three-quarters (73%) feel that the Government needs to put more pressure on banks to lend. The government should take note that most UK businesses feel that banks and governments are behind the curve and are failing to make the most of increased business confidence.
"It's time for the banking and political communities to loosen the purse strings to enable businesses of all sizes, but especially SMEs, to grow and push our economic recovery onwards and upwards.
"Confidence is returning and a lack of support and access to finance now for small businesses could have detrimental effects on a national and international level. I believe that the development and encouragement of more diversified funding sources, such as angel investment, venture capital, peer-to-peer and crowd-funding, should be a priority in the absence of banking appetite for lending.
"Now is not the time to stall the burgeoning recovery that the IMF predicts [3]."