The pledges have been set out by the Business Finance Council, which is a collaboration between finance providers, business organisations and the government. 

The five pledges state:

• We’re open for business and ready to lend
• We’ll help you build back better after Covid-19
• We’ll support your application and signpost other options if needed
• We’ll treat you fairly at all times
• We’ll work with the government-owned British Business Bank to support SMEs

Compass director Mark Nelson said working in collaboration with the government and other finance providers was “key to being able to offer the best possible support to the market”. 

“Signing up to the Charter reaffirms the commitment we have to our customers, to always do our best for them,” he stated. 

Compass head of marketing Sarah Crumpler added: “We wanted to let people know that this exists, and our commitment to it. It’s about looking at what the challenges are for SMEs in the UK and what we can do to help and support them, and make sure they are treated fairly. I think we’re the only finance provider specific to this sector on that list at the moment,” she explained.

“It’s important to us that not only do we support our customers but by having these relationships and being forward-thinking we can continue to be a part of forwarding agenda, to make sure the right money gets to the right places.”

Last month Tonbridge-based Compass secured an additional £15m in funding from the British Business Bank to help SME firms invest in new equipment. The firm has been heavily involved with a raft of government-backed Covid-related financial support initiatives.