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Still gaps in affordable finance for business says Chamber chief

ACCESS to affordable finance remains an issue of real concern to businesses say bosses as business secretary Vince Cable launches the first phase of a new bank just for firms.

ACCESS to affordable finance remains an issue of real concern to businesses say bosses as business secretary Vince Cable launches the first phase of a new bank just for firms.

Steve Brittan, president of Birmingham Chamber of Commerce, said last week’s announcement of £300 million which will be invested alongside private investor contributions is a welcome step in broadening the availability of funds available.

He said: “There are gaps in affordable finance for SMEs especially those operating in the creative and high tech sectors.

“And if the business bank is to be a true game-changer, we need to see the pace and scale of investment funds increased considerably.

“We need a real emphasis on assisting viable businesses, which would not be served by traditional banking and business angel options, to grow.

“We will be keeping a close eye on the impact of the business bank to ensure it genuinely adds value to our SME financing mix.”

This money is the first deployment from the £1 billion of capital allocated to the business bank in the 2012 Autumn Statement.

 

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