LEP finance group sets out agenda
The Coventry and Warwickshire LEP’s new finance group said it has taken “several key steps” to help companies in the region access business finance.
The body was established by LEP chairman Denys Shortt and will be led by Brian Colquhoun, regional director of Yorkshire Bank.
It was created to find ways of connecting the finance sector with local businesses, as a response to concerns expressed by businesses in the lead up to the LEP’s formation.
Representatives from Yorkshire Bank, Santander, Lloyds TSB, Barclays and RBS all attended the first meeting.
Colquhoun said the five high street banks represented at the meeting agreed that “there was progress to be made”.
He said: “We all felt that, firstly, the group has great potential. Rival banks do not, as a rule, ever sit around the same table and that was a very useful exercise as we found we were getting similar messages back from the business community.
“We all felt that there is a perception gap. We all felt that the business community do not think that banks are open for business and have stopped lending or that the process for obtaining credit was very tough.
“We do not feel that is a true reflection of the reality but we need to close that gap.”
The group will now look at support that could be offered to supply chain companies in the region, in particular, the automotive sector. The Finance Group is now talking to Jaguar Land Rover regarding financial support.
