In their recent report, The Centre for Finance, Innovation and Technology (CFIT) has outlined a set of recommendations that have the potential to enhance SME financing.
The report entitled ‘SME Finance Taskforce – Smart Data: improving SME lending to drive economic growth’ outlines a 7-point plan that hinges on Smart Data:
- Prioritise the Digital Information and Smart Data Bill
- Fund and support an SME “Smart Data Challenge”
- Review and improve HM Treasury’s Bank Referral and Commercial Credit Data
Sharing (CCDS) schemes - Accelerate reform of Companies House, in particular standardisation and verification
of Company information such as directors’ names - Unlock private sector data by providing information from HMRC e.g. digital receipt of
VAT owed to match and verify cloud accounting data. In addition, allow greater
access to HMRC data for approved organisations - Develop and consult on proposals for an e-invoicing scheme for the UK to align with
overseas markets - Enable greater trust in using new specialist lenders e.g., through industry initiatives.
