Government supports funding for business

It’s the biggest challenge facing any business. How do you secure the finance to survive and thrive?

Recent event suggest that the Government remains committed to easing the problems for business both large and small with a series of innovations designed to ease the pathway to finance.

One of the key moments came when Business Secretary Vince Cable announced the first steps in a Government-funded bank to help small and medium sized businesses.

The new bank, which will operate at am arms length from the Government, will seek to attract private sector funding so that, when fully operational, it could support up to £10 billion of new and additional business lending.

Mr Cable said: “For decades, British industry has lacked the sort of diverse, long-term finance that is quite normal elsewhere. We need a British business bank with a clean balance sheet and a mandate to expand lending rapidly and we are now going to get it.
“Alongside the private sector, the bank will get the market lending to manufacturers, exporters and growth companies that so desperately need support. It will be a lasting monument to our determination to reshape finance so it can finally serve industry the way it should. Its success will not be the scale of its own direct interventions but how far it shakes up the market in business finance and helps to ease constraints for high-growth firms.
“Having a functioning, diverse supply of finance is an integral part of the Government’s industrial strategy. It is all about making the right decisions now to secure our long-term industrial success.”