Small retailers have welcomed new UK government plans to expand access to finance for small businesses, describing the measures as an important step towards helping smaller firms invest, grow and compete.
The British Independent Retailers Association (Bira) said improving access to finance is essential for many independent retailers facing rising operating costs and ongoing economic pressures.
The organisation believes easier access to lending can help businesses modernise, expand and create jobs while supporting high street recovery.
The government’s latest proposals are designed to increase the availability of finance for small and medium-sized enterprises (SMEs), which account for the vast majority of UK businesses. The plans form part of a wider strategy to encourage investment and economic growth.
Finance remains a key challenge
Access to finance has long been one of the biggest barriers for many independent retailers. Smaller businesses often struggle to secure affordable funding for investment, whether to refurbish stores, buy stock, introduce new technology or improve energy efficiency.
Bira welcomed the government’s focus on removing these barriers.
Chief executive Andrew Goodacre said improving access to finance would give independent retailers “greater confidence to invest in their businesses”. He added that many viable firms need better funding opportunities to support future growth.
The association said improved lending options could help retailers respond to changing consumer demand while remaining competitive in an increasingly challenging market.
Investment supports local economies
Independent retailers play an important role in local economies across the UK, contributing to employment, community life and the diversity of town centres.
Bira said making finance more accessible would allow more small businesses to invest in their premises, strengthen local supply chains and improve the shopping experience for customers.
Goodacre described the government’s proposals as “a positive step” but stressed that funding schemes must be easy for smaller businesses to understand and access.
He said independent retailers should be able to obtain finance “without unnecessary complexity”, allowing owners to focus on running and growing their businesses.
Industry calls for wider reforms
While welcoming the government’s plans, Bira said access to finance is only one part of the support needed by independent retailers.
The organisation continues to call for wider reforms, including lower business costs, meaningful business rates reform and stronger action on retail crime, alongside policies that encourage investment in high streets.
Bira said the finance measures could make a meaningful difference if delivered effectively and supported by broader policies that help independent retailers remain resilient over the long term.
For many small retailers, improved access to finance represents an opportunity not only to invest in their own businesses but also to contribute to stronger local economies and more vibrant UK high streets.
