Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-28-Speech-3-1631-000"

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"Mr President, I am very pleased to discuss this topic as it is the main concern I hear from SMEs based in Yorkshire and the Humber. Though the situation has improved, the success rate of small firms applying for bank loans in the UK is around 62%, while over 80% of European SMEs receive finance from banks. Our SMEs need access to more diverse funding tools, as our over-reliance on bank loans really is the spanner in the works. Achieving this requires sharing best practices, financial education and cultural change. Lord Hill’s CMU proposals are promising, and existing tax incentives stimulate investment in SMEs. However, they are not the only solution. We need to let our constituents know about all the options available to them. Venture capital, business angels and looking at equity rather than bank debt should all be considered. There are also other sources of funding such as peer—to—peer lending and using IP to leverage finance. These are just some of the examples of financing options that our SMEs could tap into in order to unleash their potential, encourage innovation and boost job creation. Going forward, we must hammer home this message to make sure the right tools are in place for our burgeoning small and medium—sized businesses."@en1

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