The Chamber of Commerce has voiced its support for a national initiative to improve the availability of finance for small and medium-sized enterprises (SMEs) in Lancashire. 

The North and Western Lancashire branch of the chamber has backed the initiative to help SMEs get financial backing.

The British Chamber of Commerce recently submitted written evidence to the Treasury Select Committee, highlighting many SMEs believe finance options to be too limited and expensive.

The call comes as an inquiry is launched into the issues faced by UK SMEs seeking finance.

his year, North and Western Lancashire Chamber of Commerce and partner Chambers relaunched the Finance Finder to speed up the funding process by matching members’ businesses with the right opportunities across loans, equity investment, grants, and commercial mortgages.

The British Chamber of Commerce has proposed that unlocking alternative finance options, increasing funding flexibility, and increasing awareness must ensure people have the proper knowledge and awareness.

Poor understanding of opportunities outside traditional banking and the lack of competition are holding back progress. 

Babs Murphy, chief executive of the North and Western Lancashire Chamber, said: "In consultation with our members, the most frequent issue on decision-makers’ minds is the lack of availability for finance and funding.   

“This is an especially acute issue after many firms were forced to take on much higher debt burdens during the pandemic to survive. 

“The continuing tough economic conditions also mean many Lancashire SMEs have a huge amount on their plates and don’t have the time or expertise to find the finance options that work for them.”

Companies seeking help and advice with securing finance are asked to contact the Chamber of Commerce on 01772 653000 or e-mail info@lancaschamber.co.uk.