Small Business Minister calls for prompt payment
Thursday 26th January, 2023
The Small Business Minister has made fresh calls for small businesses to be paid promptly by larger companies at a recent event.
Figures from the Federation of Small Businesses show that 50,000 business close every year due to late payments.
Citing the research, Small Business Minister, Kevin Hollinrake, made renewed calls for small businesses to be paid promptly. “For too many businesses, access to finance is difficult. Lots of businesses don’t want to borrow because of a trust relationship between business and banks at times,” said Hollinrake. “Late payments are seen as a finance problem. It creates a need with a business to go out and get finance, just to cover the debt.” Reported in sb small business.
Hollinrake appeared at an event hosted by Jane Hunt MP and TSB in Westminster, called Pay Small Businesses Promptly!
Alongside Hollinrake were Small Business Commissioner, Liz Barclay; Small Business Britain founder, Michelle Ovens; and Shadow Business Minister, Seema Malhotra.
The Government also recently launched the Prompt Payment and Cash Flow Review to look at issues including the powers granted to the Small Business Commissioner.