Member Article

PM pledges a further £95million for SMEs

The Prime Minister has announced that small businesses are to benefit from a government investment of £95 million, in a bid to boost economic growth.

David Cameron hopes the fund, which has been facilitated by RBS, Natwest and HSBC, will create at least 4000 jobs and will unlock £500 million in private sector investment.

Small businesses who are unable to secure commercial funding will benefit from this funding, which will be distributed through the bank’s regional networks. It will also provide SMEs who are thinking of investing in capital assets with grant aid.

Business Minister Mark Prisk believes the scheme will encourage more SMEs to invest and create further jobs.

He commented: “100 percent of the RGF funding will be provided as grants to small businesses with the banks employing their regional networks to administer the schemes for free.

“They will deliver a shot in the arm to local communities and help small businesses drive local growth.”

Representatives from HSBC, Natwest and RBS all expressed their delight in supporting the scheme, which comes at a critical economic time for many businesses in the UK.

Peter Ibbetson, small business chair at Natwest and RBS said: “We have experienced managers in all the communities this fund is aimed at, we are also the leading bank for asset finance - nobody is better placed to ensure the £70 million we’ve been allocated goes to where it’s needed most.”

Jacques-Emmanuel Blanchet, head of commercial banking at HSBC echoed his sentiments, adding: “HSBC is committed to supporting strong viable businesses and our Assisted Asset Purchase Scheme highlights this.

“The scheme will provide critical support for businesses that are looking to grow and recruit, enabling them to purchase the assets they need, to achieve their goals.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .