Earlier this week, Business Secretary Vince Cable announced up to £10 billion of new and additional business lending to help small and medium sized businesses.
The bank aims to increase lending to the SME sector using private sector funding and will be professionally run and commercially focused. The new institution will not replace any high street lenders and will operate through the wholesale markets.
Esther Harries, APHC Commercial Manager commented: “We are pleased the government is taking additional steps to help small to medium businesses. This new business bank, combined with the recently revised Apprentice Grants for Employers (AGE), means that many small businesses in our sector can now get the help they need to increase their workforce, diversify into a new area or just grow their business. However, on a cautious note – the government need to ensure this banking service is open to all across the sector and any restrictions placed on who can apply for loans is justified once this initiative is up and running.”
Further details on the Business Bank and its support packages will be available in the coming weeks. For more details visit: http://news.bis.gov.uk/Press-Releases/New-business-bank-to-support-up-to-10-billion-of-business-lending-6808d.aspx
For more details on the recent revisions to the Apprentice Grants for Employers please check: For a full breakdown of the new measures please follow the link: http://news.bis.gov.uk/Press-Releases/New-measures-announced-to-help-small-employers-take-on-apprentices-67f29.aspx