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More financial products needed for SMEs
Reported on Wed, 23 Aug 2006
Small and medium-sized enterprises (SMEs) in the UK could be turning to business loans after new research reveals that more financial products need to be made available to Europe's small firms.
Finding tailored financial services and specialist business loans are a problem for SMEs that needs to be addressed by the banking industry, according to MasterCard.
Jorn Lambert, head of consumer and commercial products at MasterCard Europe, said: "Europe's 25 million SMEs are a key driver for business growth.
"They represent 95 per cent of companies, are responsible for 69 per cent of employment and contribute 57 per cent of turnover."
As a result the company are calling for more financial products to be available to small firms throughout Europe.
Theses services, say MasterCard, need to recognise the individual needs of SMEs in different sectors.
According to the research small firms seek out financial solutions that are tailored specifically to them.
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