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.