Speaking at the Right Finance, Right Time event - held in Portcullis House, Westminster, on Monday - Adam called on MPs and parliamentarians to start acting and support the associations, as there are lenders ready and able to facilitate funding for businesses, but the word just isn't strong enough.
He explained how there are only two other countries that have an organisation like the NACFB - the US and Australia - meaning that the UK has an incredibly good platform and portal which can support small businesses. He said: "We have 1,000 broker members which sit as a layer between 95 lenders and businesses. We're a very very closely guarded secret and SMEs should know that there is an expert broker in their town. We find finance for SMEs and that's what we're here to do.
"The key thing now is how we move on from today. It's brilliant that the event is being held here with parliamentarians, but the success of today will depend on what happens off the back of this event."
Adam told B&C that the reason behind the event was to raise awareness in Westminster amongst parliamentarians about the full range of finance available to small businesses.
He said: “For the NACFB, it was great to be the first to speak at such an illustrious event and also to sit amongst the other trade bodies, which is a big step forward.”
The event, which took five months to organise, hosted 25 exhibitors, including Dragonfly Property Finance and Shawbrook Bank, on the day that displayed and discussed a range of traditional and alternative financing options for businesses.
It was organised by the National Association of Commercial Finance Brokers (NACFB) and the British Bankers’ Association (BBA) and chaired by the excellent Anne Marie Morris MP, Co-Chairman of the All-Party Parliamentary Group for Micro Business.
The day started with breakfast and a visit to all the finance provider exhibitor stands by key Parliamentarians, MPs and trade bodies. Visitors were able to visit each stand in between the two panel discussions. Anne Marie Morris MP welcomed everyone and introduced the keynote speaker.
A keynote address, ‘The Importance of Finance’, was made by The Rt Hon Peter Lilley MP. Mr Lilley has been an MP since 1983 and was a Cabinet minister in the governments of Margaret Thatcher and John Major. Before joining the Cabinet he served as Parliamentary Private Secretary to the Treasury.
Mr Lilley expressed his gratitude for being asked to speak at such an illustrious event and went on to emphasise how funding problems with businesses have been seen ever since the 1930s in between the wars. He explained how it is technically businesses that employ banks in regards to revenue, but the source of finance for small businesses is being made more readily available from small businesses within the financial industry, including many in the room.
Adam made the comments at the first of two speaker panels on the day that also included Justin Rose, the FLA's Head of Asset Finance; Kate Sharp, CEO of ABFA; Stephen Peggy of BBA; Ben Hughes of CDFA; and Jenny Tooth, CE of the UK Business Angels Association.
There was a brief glitch in the day when the fire alarm went off and everyone in Portcullis was evacuated out of the building for about 15 minutes, but we were back in to listen to the second panel which looked at 'Forward Planning in Finance', with the onus very much on the education of finance.
The NACFB has been going from strength-to-strength and the lobbying taking place is really coming along. It's great to see an Association within the industry amongst the calibre of other key expert speakers during the day; not only educating the delegates and visitors on the day but the MPs and parliamentarians within the Westminster bubble.
Adam added: “All the feedback from lenders and attendees is that it was a successful event with great discussions. The most important thing is the follow-up to this event, and we’ll be working with Anne Marie Morris MP, who I’m a great supporter of, and the other trade bodies to ensure that the message about alternative finance options is made fully aware to businesses.”
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