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UK banks propose fund for SMEs
UK banks have proposed creating a £1.5bn fund to invest in small businesses.
The business growth fund is a key proposal in a report to the Treasury. Chancellor George Osborne and Business Secretary Vince Cable said it was "an important first step" by the banks.
"We have been absolutely clear that banks need to improve the lending environment for small businesses. It is important that the banks now deliver on these plans," they said in a joint statement.
Business industries have welcomed the move, but have noted that as of yet they are just proposals and lending to small firms remains weak.
Loans from UK banks to companies have been cut by £28bn since the start of the global financial crisis brought on by the collapse of Lehman Brothers two years ago. The amount of loans outstanding to businesses is now £471 billion, down from a peak of £503 billion in September 2008.
Post Date: October 14th, 2010
The business growth fund is a key proposal in a report to the Treasury. Chancellor George Osborne and Business Secretary Vince Cable said it was "an important first step" by the banks.
"We have been absolutely clear that banks need to improve the lending environment for small businesses. It is important that the banks now deliver on these plans," they said in a joint statement.
Business industries have welcomed the move, but have noted that as of yet they are just proposals and lending to small firms remains weak.
Loans from UK banks to companies have been cut by £28bn since the start of the global financial crisis brought on by the collapse of Lehman Brothers two years ago. The amount of loans outstanding to businesses is now £471 billion, down from a peak of £503 billion in September 2008.
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Post Date: October 14th, 2010
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