A New Mentoring Scheme for Small Businesses
Now, the word is finally out. The largest banks in the United Kingdom—Santander, RBS, LBG, HSBC, and Barclays—have pledged to spearhead a brilliant programme that will educate and train small and medium-sized enterprises (SMEs). Gearing up for this huge project, they are currently inviting retired and current staff to volunteer their expertise in critical areas, such as human resource, marketing, and finance.
It is noteworthy that in recent years, these institutions have been the subject of much criticism for not lending enough monetary support to SMEs. Large debts and bad loans—these are two of the main reasons why banking establishments have been hesitant to lend capital to companies. Unfortunately, this resulted to financial starvation, wherein organisations were not given access to the vital cash needed for them to keep the economy running.
The story of Jason Stafford is a case in point. An owner of a Knutsford garden centre, he had been using the very same bank for over thirty years. Sadly, when he sought a loan to fund a branch, he was offered exorbitant rates as well as more security for it. This predicament led him to shop around for better options.
To address this dilemma, a task force was created by major lenders in the country to undertake measures that will help out fledgling entrepreneurs gain access to much-need funding. With this mentoring scheme, some financial input will be advanced to promote improved lending propositions that will encourage businessmen to invest.
Although the road to success may not be an easy path to take for SMEs, with more opportunities opening for them, it seems inevitable that they will join the bigger sector of multinational companies in due time. Barry Houlihan, chief executive and co-founder of Mobile Interactive Group (MIG), has succeeded in doing just that. Considered as the fastest rising technology firm in Africa, Europe, and the Middle East, it continues to employ a few 160 people. Its growth has given UK’s economy a huge boost.
Indeed, with this bold move to bring the business community and banks closer, small entrepreneurs can expect a brighter future ahead.
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