Chuka Umunna MP delivers keynote speech at MarketInvoice event
Shadow Business Secretary 'waxed lyrical about the importance of SMEs'
Last week, at an event hosted by MarketInvoice at Cass Business School, Shadow Business Secretary Chuka Umunna made no apologies for "waxing lyrical about how small to medium enterprises (SMEs) are the lifeblood of our economy."
Four million SMEs employ almost fourteen million people and account for almost half of private sector turnover in the UK and yet in the current economic climate, many SMEs are struggling to access the working capital they need. The Bank of England's Trends in Lending publication for last month showed the stock of lending to UK businesses overall contracting in the last three months to August.
Delivering the keynote speech at the event 'Alternatives to traditional business funding', Umunna said, "It is encouraging that in MarketInvoice, we see the market is coming up with a solution to help small business owners deal with this growing problem."
MarketInvoice helps SMEs improve their cash flow by trading invoices to boost short-term working capital. Late payments are a real issue for businesses with, on average, companies owed up to £39,000, and the total amount owed to SMEs having reached a record figure of £33.6bn.
Anil Stocker, Co-founder and Director at MarketInvoice said: "Using the MarketInvoice platform not only improves cash flow but also helps business leaders focus on growth and other key company objectives. These innovative financial platforms could revolutionise lending to SMEs and we at MarketInvoice are hopeful that we can improve the credit conditions of SMEs and play a vital role over the next 10 years."