Tungsten responds to Osborne SME initiative
Edi Truell (Chief Executive Officer) at Tungsten Network commented:
“We welcome George Osborne’s initiative to improve access to finance for small businesses. According to the Bank of England, the growth rate in the stock of lending to SMEs has been negative for the past four years across a range of measures, and there is now £40bn owing to UK SMEs in late payments, according to Bacs. One of the core reasons for setting up Tungsten Bank was to help businesses access much-needed finance. Now, as part of one of the world’s largest electronic trading networks, we have many thousands of UK SMEs in our network, and we are committed to helping them access finance quickly and efficiently. In addition, we are talking seriously to the British Business Bank about how we can join forces to improve the funding environment for SMEs in the UK.”
