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New group formed to tackle credit access

Business bodies, accountants, credit rating agencies and the banking industry have joined forces in an attempt to break the long standing problem of access to credit, according to reports.

The Financial Times says the initiative, Doing Business Together, acknowledges that businesses are partly responsible for the breakdown in lending.

Forum of Private Business chief executive Phil Orford helped draft the principles behind DBT and says there has been failures from both sides.

He says: “Business people generally are innovators, but they are not financially skilled. What we are trying to do is bring a better understanding and a better framework to secure funding.”

The initiative is backed by around 30 organisations including the Department for Business, Innovation and Skills, major banks, trade credit insurers, trade associations, and asset backed lenders.

DBT will hold a series of local forums for small businesses, intended to increase understanding around how to access credit.

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