The government has launched its long-awaited business bank scheme with a £300m fund for small and medium-sized businesses.
This is the first installment of a £1bn pot of funding for the business bank, which was announced by Business Secretary Vince Cable in the 2012 Autumn Statement.
Small businesses are encouraged to submit an expression of their interest by 22 May, for potential funding by this Autumn.
Vince Cable says, “SMEs are still telling me that access to finance is their number one problem, preventing them from investing and growing. That’s why through the business bank we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them.
“Today’s £300 million boost shows we are serious about increasing competition and diversity in the business lending market. Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step.”
You can read more about the application process at www.gov.uk.