The Forum of Private Business has welcomed the government’s emergency package in support of small firms but says there is still more to be done to help them survive the economic downturn.
The government revealed the proposals which will see the government pledging to pay its own suppliers within 10 days will help preserve small firms’ cashflow. The FPB is calling on banks to commit to preserving and improving credit lines for small firms.
FPB chief executive Phil Orford said: “The FPB welcomes the efforts to ensure that the public sector organisations pay suppliers within 10 days, and that credit management skills and other training is improved to help businesses negotiate their way through the downturn.
“While we welcome these measures, the FPB believes that the small business lobby groups, politicians and the media must continue to pressure banks to live up to their responsibilities and restore lending to 2007 levels.”