A new scheme established by the Institute of Chartered Accountants in England and Wales (ICAEW) will help SMEs to get expert financial advice.
The SME Funding Adviser Scheme "aims to ensure businesses have access to a wide choice of independent professional advisers across the UK on a whole range of business finance options".
Created in response to the government's 'Facilitating Finance' initiative, the scheme will help those firms worried about rising costs. So far, close to 2,000 ICAEW businesses have signed up to offer their particular expertise.
Advice given by the scheme will be related to bank loans, business plans for bank and equity finance and more. All firms involved are subject to the ICAEW Practice Assurance scheme.
First scheme of its kind
"I am delighted that the Institute is the first professional body to establish this scheme," said ICAEW chief executive Michael Izza.
He added that accountants are the professional group most frequently consulted by businesses for advice, and stressed that ICAEW members were instrumental in giving UK firms confidence to do business.
Stephen Pegge of the British Bankers Association said the new scheme would make it easier for banks to help local firms grow.
Other recommendations made by the Facilitating Finance report include the wider availability of financial health checks for firms, and the accessibility of low-cost management training through the Business Link network.
© Adfero Ltd
