Any doubts that the UK coalition government intended to stimulate lending to SMEs as a priority were dispelled with its announcement of a new state-backed business bank last September. The aim of this new institution is to provide £1 billion ($1.63 billion) of new capital to help promote access to finance for SMEs with turnover of up to £25 million and mid-sized businesses with turnover of between £25 million and £500 million.
“The British Business Bank is being set up as a state-backed economic development bank charged with creating more effective and efficient finance markets for smaller businesses across the UK,” says Ron Emerson, the bank’s recently appointed chairman.
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