Local MP Raises Small Business Lending Issues

Ian Lucas MP has raised finance issues for small Wrexham businesses and construction companies at meetings in Parliament.

Mr Lucas met with both Welsh representatives from Lloyd’s Bank and the Parliamentary Labour Party Business, Innovation & Skills Group to discuss banking, finance and access to funding for SMEs and construction companies on Tuesday.

During the meeting with Lloyd’s, Mr Lucas and other MPs raised concerns that small businesses in their constituency were having trouble accessing finance.

Mr Lucas said: “I told Lloyds of cases in my constituency where small businesses and construction firms had advised me that they were having difficulties raising finance.  During meetings with small to medium sized local companies, including construction companies, issues over banks lending have arisen several times in recent months.”

“They advised me that they would look further into the concerns and come back to me.”

Mr Lucas, a former Business Minister, also discussed access to finance at a PLP meeting, including the role of alternative banking models including Metrobank in the UK and German Sparkassen – a kind of savings bank.

He said: “Recent years have shown us that our current banking system – and the way it reacts to business concerns – needs looking at again. I am examining the role of finance and how it relates to issues such as construction and housing, and I hope to raise these issues more widely in the coming weeks.”