Tyler briefed the government on the lack of knowledge of all the funding options available to small and medium sized enterprises which he feels is one the main factors holding back SME and economic growth.
He said: “Gaining access to finance for SMEs is a major factor for the economic recovery. It is an urgent problem but sadly too few business people really understand the SME finance market particularly alternative forms of finance.
“At the meeting I stressed the importance of improving this understanding and the options that are available to small businesses. We’ve led the way by creating The Small Business Finance Directory. It’s the only resource of its kind so we need to be encouraging small businesses to use it.”
Tyler was joined by senior regulators and policy makers including the Financial Conduct Authority chairman John Griffith-Jones as well as the Number 10 policy unit and senior representatives from HM Treasury and the department for business, innovation and skills.
Tyler is due to meet members of the Business Bank; a government institution aimed at easing the credit crunch on SMEs by supporting the development of diverse debt and equity finance markets for businesses, promoting competition and increased supply through new finance providers.
