DBT launches Fair Payment and Disability Finance Codes to support SMEs

Article summary

The Department for Business and Trade (DBT) has launched the Fair Payment Code and Disability Finance Code for Entrepreneurship to support small and medium-sized enterprises (SMES) and foster economic growth. The Fair Payment Code, overseen by the Small Business Commissioner, features a gold, silver, and bronze tiered system to reward best payment practices and tackle late payments to SMEs, aiming to improve cash flow. The Disability Finance Code for Entrepreneurship, supported by UK banks such as Barclays, HSBC UK, Lloyds Banking Group, and NatWest, seeks to improve access to finance for disabled entrepreneurs and encourage stronger engagement between the financial services sector and the disabled entrepreneur community, potentially unlocking £230bn in economic growth.