Local MP ups pressure on banks
19th July 2011
James Morris urges finance sector to lend more to grow economy and create jobs.
James Morris, MP for Halesowen and Rowley Regis, spoke last week in the Black Country to accentuate his belief that the banks need to do more. James believes that banks have a moral responsibility to lend more to small businesses in order to help the economy grow.
He was speaking at a session of the Black Country Local Enterprise Partnership, Access to Capital and Finance Working Group, at Wolverhampton Science Park Technology Centre. The event was hosted by the Black Country Reinvestment Society, an organisation which provides capital for start up and early stage businesses across the Black Country. The Access Capital and Finance Group is charged with coming up with an action plan to get more capital flowing to small businesses in the area.
Those present at the event included local representatives of the high street banks, specialists involved in providing finance to small and medium sized businesses and representatives of local legal and accounting practices. James spoke about the need to find new and innovative approaches to improve lending to local businesses- such as investing the additional proceeds from business rates. He also spoke on the importance of the banks, the LEP and local authorities working together to find ways of providing additional capital for viable businesses.
During the discussion, James also emphasised the need for local businesses to work closely with the LEP in order to bid for Government money. This money, known as the Regional Growth Fund, is available to businesses until 2014, and James is urging the manufacturing sector in particular to apply for grants.
James Morris, who had a career in small business before entering Parliament, commented: "Making sure that existing businesses and new start ups can find access to capital is vital to the future of the local economy. We must take advantage of all available avenues in order to grow the economy and create jobs for local people".