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New Fair Payments and Disability Finance Codes launched to support SMEs
- Fair Payment Code launched to tackle late payments, to reward good practices and ensure SMEs are paid on time
- New scheme backed by biggest UK banks unveiled to help more disabled entrepreneurs get access to finance and support to start their own business
- Both schemes aimed at supercharging the UK’s 5.5 million small firms, helping to deliver growth and more jobs
A package of new measures to support small businesses and deliver growth has been set out today (Tues 3rd December) by the Government.
The package, announced in the run up to Small Business Saturday this weekend includes targeted action to unleash the potential of disabled and female entrepreneurs, and a crackdown on late payments.
Both of these announcements are aimed at providing targeted support to small firms and entrepreneurs right across the UK. With particular emphasis on those firms who usually struggled to get access to finance and support.
A new ‘Fair Payment Code’ is being launched today to address the problems with late payments, with research showing that SMEs are on average owed £22,000 a year ¹. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions.
The code, overseen by the Small Business Commissioner Liz Barclay, introduces a gold, silver, and bronze system to reward best payment practices and help smaller firms identify reliable and trusted partners. It aims to boost cash flow for small businesses which is crucial for their survival, by tackling late payments and lengthy payment terms that can lead to financial strain and failure.
The code aims to boost cash flow for small businesses, crucial for their survival, by tackling late payments and lengthy payment terms that can lead to financial strain and failure.