Convenience stores should have better access to finance, says ACS

The ACS raised the issue in a submission to the All Party Parliamentary Group on fair business banking, which is looking at how diversifying funding could improve access to finance.

ACS chief executive James Lowman said: “Local shops are lifelines for their communities, providing essential products and services to their customers. Retailers require access to finance to invest in their stores to enable them to meet the needs of their communities.

“Over the course of the pandemic, many banks stopped accepting new business customers and as a result this made it more difficult for retailers to secure better banking terms in order to support their investments.

“We welcome the efforts of the inquiry to diversify the business finance market, but policy making should also review the small business experience when seeking to secure finance.”

Findings from the ACS 2020 Local Shop Report show that convenience stores have invested over £585m in improving their businesses and introducing new services for customers in the last year.