Better Business Finance
Released On 13th Oct 2023
(image courtesy of Better Business Finance)
The Better Business Finance website serves as a valuable online resource for businesses and entrepreneurs in the UK, offering unbiased information about commercial finance. It is operated by UK Finance in collaboration with leading banks such as Barclays, HSBC, RBS, Lloyds, and Santander, and was established in 2011 with the primary objective of supporting small and medium-sized businesses, which play a pivotal role in the UK economy.
The Better Business Finance initiative is guided by three core objectives:
Enhancing Transparency and Understanding: Better Business Finance's mission is to improve transparency and understanding for businesses. This includes clarifying financial processes, providing assistance to businesses, and working alongside partners to enhance service delivery within banking institutions. By furnishing clear and comprehensible information, businesses can make well-informed decisions about their finances.
Strengthening Customer Relations: The initiative places a significant emphasis on bolstering customer relationships by directing them to mentoring and support services. It assists businesses in comprehending the various types of available financing and guides them through the appeals process. By providing support and resources, Better Business Finance cultivates stronger connections between financial institutions and businesses.
Enhancing Accessibility to Finance: Better Business Finance is committed to broadening access to financing by introducing new financial options. Additionally, it forges strategic partnerships with diverse financial providers, including Business Angels and Community Development Financial Institutions (CDFIs). These partnerships facilitate a referral mechanism for businesses when traditional bank financing may not be the most suitable choice. This approach ensures that businesses have access to a wide range of funding alternatives tailored to their specific needs.
In summary, Better Business Finance plays a pivotal role in empowering businesses by enhancing transparency, nurturing customer relations, and facilitating connections between businesses and financial institutions.
