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10/04/2013
Governments Business Bank Launched With £300m Investment
The first phase of the government’s new business bank has been launched with the announcement of an investment of £300m aimed at boosting smaller businesses struggling to get finance.
It is the first slice of £1bn of new capital , with ministers expecting the first transactions to take place by the autumn, although small and medium-sized enterprises (SMEs) were urged to submit an expression of interest by 22 May.
"Small and medium-sized businesses are still telling me that access to finance is their number one problem, preventing them from investing and growing,” business secretary, Vince Cable, said.
"That's why through the business bank we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them.
"Today's £300m boost shows we are serious about increasing competition and diversity in the business lending market.
"Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step."
(H/CD)
It is the first slice of £1bn of new capital , with ministers expecting the first transactions to take place by the autumn, although small and medium-sized enterprises (SMEs) were urged to submit an expression of interest by 22 May.
"Small and medium-sized businesses are still telling me that access to finance is their number one problem, preventing them from investing and growing,” business secretary, Vince Cable, said.
"That's why through the business bank we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them.
"Today's £300m boost shows we are serious about increasing competition and diversity in the business lending market.
"Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step."
(H/CD)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
