BBA publishes business support principles

The British Bankers’ Association has published a set of principles outlining how banks will support business customers through the downturn.

The revised Statement of Principles was agreed yesterday by small business representatives and the Department of Business, Enterprise and Regulatory Reform.

The principles emphasise the importance of openness and early collaboration between banks and entrepreneurs.

Angela Knight, chief executive of the BBA, has written the foreword for the publication. In it she says: “The principles show that banks are committed to working with business customers to find ways of overcoming the difficulties they may face in changing markets and through the economic cycle.

“They also emphasise that if business owners and managers take early advice and action they can work with the bank to sort out their difficulties.”