Better Business Finance pledge to help SMEs
Rebuilding trust and confidence were the big topics of discussion at the Better Business Finance Conference in Gateshead yesterday.
The Financial Secretary to the Treasury Mark Hoban MP called for businesses and banks to co-operate with each other in order to rebuild the post–recession economy.
Mr Hoban was in the region to promote the Better Business Finance campaign and spoke directly to small business owners about the help and services available to them. He outlined the initiatives the Government was taking to reform the financial system, as well as the available funding.
Also speaking at the event, Angela Knight, chief executive of the British Bankers’ Association said: “Its all about confidence. We recognise that we need to play our part in improving confidence as a big increase in demand for finance and economic growth go hand in hand.”
The New Business Growth Fund, a £2.5 billion equity investment backed by 5 of the largest banks in the UK will be available, as well as a commitment from banks for a lending deal of £190 billion, £76 billion of which has been designated specifically for small businesses.
James Ramsbothan, chief executive of NECC who chaired the event, said: “We’re not beginning to show signs of a really positive recovery in the North East.
“But as we go up the growth curve we are going to need more support from the banks. The conference has been a fantastic opportunity for businesses to tell the banks what they need and we will hold them to account over the coming months as to how they respond.”