Newcastle Business School is inviting North East small and medium enterprises, banks and business angels to attend a conference next month where they will reveal the findings of a substantial research project into access to finance in the region.
The Re-think! Future Access to Finance Conference will be held in collaboration with North East Access to Finance Limited, the organisation set up to coordinate the management and redeployment of historical investment funds to support the region’s businesses.
The research, led by Professor Jackie Harvey, found that, for SMEs, the routes to gaining finance-related support and actual financial investment need greater clarity, transparency and simplicity. Many SMEs felt that a one-stop-shop of information would be more beneficial than the current perception of various multiple and disparate funding and support initiatives.
SMEs involved in the research also expressed a desire for mentoring and support to be delivered by fellow SME-owners and managers who have already been successful in a similar environment. A need for cost-effective finance training, telling them precisely what banks and Business Angels are looking for, was also identified.
At the conference researchers will share their findings and discuss how to take action on the key issues that have emerged relating to the demand and supply constraints around SME access to finance, finance-related support and products, and how the landscape can be improved in a way that can inform the national access to finance debate.
Professor Harvey, Professor of Financial Management at Newcastle Business School, said: “We are delighted to be hosting this important event in our region. This is a wonderful and rare opportunity for businesses and funders to discuss openly the findings of the research and work together to look at how the financial landscape can be improved for all participants.
“Our research has enabled us to gain greater insight and understanding into the challenges faced, not only by the SME sector, but also by the key suppliers of finance to that community – specifically the banking sector and business angels.”