Busines Link Surrey has shared with WABF details about the Financial Intermediary Service which was set up on 31st July. The Department for Business, Innovation & Skills tasked Business Link to set up this new service as the result of feedback and lobbying from business membership organisations.

The Financial Intermediary Service is being run as part of the existing Business Link operation. There are three functions of the service:

• Identify and monitor those businesses which are suffering from disruptive changes in their banking terms and conditions.
• Help from Business Link Advisers with a financial background for those businesses affected.
• Intensive support and mediation between a business and its bank where such intervention is likely to achieve a positive and workable outcome for both parties.

In August and September around 100 enquiries were raised. Of these only a handful warranted the full intermediary service including intensive support and liaison with the client and their bank.

The information gathered by monitoring the number of businesses in difficulty is extremely valuable and this is reported to central government to enable them to track trends and to challenge or influence lenders as appropriate. The Business Link core service has helped many companies to plan and adapt to changing banking conditions. The WABF encourage all trading businesses to have a comprehensive 'health check' which includes a financial review carried out by an experienced, accredited Business Link Adviser.

There is a strong business support network in the South East and we encourage members to take advantage of the services offered by the organisations to which they belong. We also encourage business owners to develop and maintain regular and open contact with their banks.

The Financial Intermediary Service delivered by Business Link can only intervene in a small number of cases and therefore it is necessary to be realistic about the support available to customers.

Any business which has been negatively affected by changing banking conditions should call Business Link on 0845 600 9 006.