Initiative aims to restore relationships between City and SMEs

Led by the Confederation of British Industry, the 'Doing Business Together' initiative aims to improve working relations between financial institutions and SMEs.

If the launch event in Richmond, London – which saw banks, insurers and accountants enter discussions with SMEs - proves successful, the initiative will be rolled out across the country.

Business Secretary Vince Cable is endorsing the plans, which have so far had a mixed reaction from owners and managers of small businesses across the UK.

The man behind the Doing Business Together (DBT) initiative, Chris Poll, who is also the chief executive of accounts software firm, Creditpal, said that many small business owners felt they may not 'receive a fair hearing from their bank or insurer.'

“They are afraid of going to talk to their banks. They don't want to muck up what they already have.

“But that masks an inefficient way of running businesses. Accounts are being filed that reflect the bottom of the market. The banks will get involved if they understand the business,” said Mr Poll.

Alongside the DBT plans, the chief executive of the Richmond commerce chamber, Anne Newton, has also announced that it will launch the first 'mentors register.

The register is part of a government-backed initiative designed to encourage business owners and experienced entrepreneurs to offer advice and coaching to younger, less experienced business start-ups.

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