Business secretary Vince Cable today announced the first phase of the government’s business bank, with a £300m fund for small and medium businesses struggling for finance.
The bank, which will consolidate £2.9bn from existing schemes, will have its funding matched by private sector peer-to-peer funding and is believed to be going fully operational by next year. It is part of an allocated £1bn in new finance as ministers attempt to boost lending to small companies who feel they have been rejected…
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