Member Article

Further funding for regional lenders as £151 million goes to Yorkshire businesses

The Deputy Prime Minister has announced the availability of up to £50 million for regionally-focused business lenders through the Sheffield and London-based British Business Bank.

The funding will be available to any established commercial lender that currently has - or is prepared to open - an office outside of London and the South East to serve the regional business community.

The British Business Bank has already facilitated finance for 1,754 Yorkshire and Humber businesses worth £151 million.

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

There is a minimum desired commitment per bid of £10 million, which will need to be matched by at least as much private commercial funding. The funding is part of the £400 million made available to the British Business Bank Investment Programme.

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 Clare Burnett .