The National Association of Commercial Finance Brokers (NACFB) has tabled an amendment to the Small Business, Enterprise and Employment Bill which is currently going through legislative scrutiny in the UK.
Adam Tyler, chief executive officer of the NACFB, said the amendment would address the absence of face-to-face advice when SMEs sought out financing options.
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Tyler said: "The primary legislation has just gone through the House of Lords: we posed an amendment to the bill to ensure that businesses are offered the option of having face-to-face advice… commercial finance broker advice.
"It’s in the process of being considered; there are some who are keen on the idea."
In December the UK government invited consultations for the Small Business, Enterprise and Employment Bill, a piece of legislation designed to improve SME access to finance in the UK, taking into account alternative lending platforms.
Tyler said: "The government are trying to find platforms that can deal with SME leads, that have been rejected by the high street banks. Our platform has been in place for over two years, findsmefinance, with access to 1300 brokers and 120 lenders."
