The first phase of the Business Bank is unveiled

11 Nov 2013

The Business Secretary Vince Cable has announced details for  the first phase of the Business Bank, which aims to inject much-needed funding  into small and medium-sized British businesses.

The Government’s Business Bank will invest £45m in  specialist SME lenders; £30m into Praesidian Capital Europe and £15m into BMS  Finance, bringing the total lending available to businesses to around £125m.  Cable commented that the Business Bank is stepping in and ‘plugging the gap  that the banks have created because of the decline in bank lending to SMEs.’

Cable spoke at the launch of Business is GREAT Britain, a  Department for Business, Innovation and Skills’ (BIS) campaign that further  helps to ensure businesses are supported.

In partnership with successful small businesses, the  campaign will bring together Government advice for SMEs onto one umbrella  website.

Cable also announced a new £1m Sector Mentoring Challenge  fund, which aims to help business get information and advice from others in  their own sector, and a £10m synthetic biology start-up fund to help scientists  in that area to get their businesses started.  

The Minister for Skills and Enterprise, Matthew Hancock, commented  that ‘Government has an important role in producing a coherent package of  measures to support businesses’, and Vince Cable believes that this role has  been met, saying  ‘we [the Government]  have set out  a comprehensive package of  measures that will address the concerns of small businesses’.

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