In its wishlist published today, the association referred to its annual survey 2022 which found that 29 per cent of small businesses that had secured finance through a NACFB intermediary were previously turned away elsewhere.
Additionally, two fifths of lenders surveyed did not have an official referral process to direct unsuccessful applicants.
Pointing to the £45bn in commercial borrowing to small businesses that the body’s brokers generated, the NACFB said encouraging commercial lenders to refer to a centralised system would support more SMEs.
Norman Chambers (pictured), managing director of the NACFB, said: “It will be a nervous wait for many businesses. Accessing finance is key to both survival and growth and our survey has found that lenders are still declining loan applications because they view a sector as too risky.
“An overhaul of the Bank Referral Scheme which gives intermediaries a central role in ensuring SMEs can achieve their funding ambitions will be good for business, Britain, and the economy as a whole.”
Reform IR35 for more flexible working
The NAFCB also proposed a reformation of the IR35 rules saying that the current requirements held back flexible working as it made it harder to maintain self-employed status. It also suggested helping small businesses to transition to sustainable energy sources and an initiative to encourage energy efficient investments.
Paul Goodman, chair of the NACFB, added: “With many lenders withdrawing their high-street presence, commercial finance brokers have firmly stepped into the role of the modern-day bank manager; but with the added benefit of providing a wider array of funding solutions to clients.
“Placing intermediaries at the heart of the Bank Referral Scheme opens access to finance and offers a lifeline to those that really need it.”