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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 WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
