Member Article

Deputy Prime Minister launches £100 million initiative for regional businesses

Deputy Prime Minister Nick Clegg announced a £100 million funding initiative for regional businesses.

The British Business Bank aims to ensure they have a broader range of options, including by providing money to local lenders.

The British Business Bank is making up to £50 million available to regionally-focused commercial lenders.

Through private-sector match-funding this is expected to unlock up to £100 million of new lending for regional businesses through the likes of local banks and debt funds.

Over the past year (October 2013-September 2014), the British Business Bank has already facilitated finance for over 21,000 small businesses across the UK, to the value of nearly £1.5 billion.

Regionally, this equates to £202 million for 2,892 businesses in the North West.

Deputy Prime Minister Nick Clegg said: “Britain’s economy isn’t built solely around big business. In fact, smaller businesses represent 99% of all businesses in the UK. “Therefore recognising and supporting this country’s smaller businesses to succeed is integral to strengthening our economy whilst building a fairer society.

“I’m pleased to be unlocking this funding to ensure thousands of businesses aren’t held back by their size or location, helping smaller enterprises based outside of our capital city to grow, thrive and compete in the market.”

This was posted in Bdaily's Members' News section by Sophia Taha .