Contact Us

The initial phase of the government’s new Business Bank is set to be deployed to UK SMEs, with £300 million invested alongside additional private investors as the coalition seeks to promote greater diversity of debt finance available to small firms.
 
By encouraging the growth of smaller lenders and new entrants to the marketplace, SMEs will have more access to finance than before.
 
A recent study by the National Institute of Economic and Social Research (NIESR) suggested that SMEs have been disproportionately affected in their chances of securing finance due to the contraction in bank lending since 2008.
 
Subsequently, the government committed to £1bn of new capital funding via its Business Bank initiative as detailed in the 2012 Autumn Statement.
 
Business secretary, Vince Cable, said: "SMEs are still telling me that access to finance is their number one problem, preventing them from investing and growing.
 
"That’s why through the business bank we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them.
 
"Today’s £300 million boost shows we are serious about increasing competition and diversity in the business lending market. Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step."
 
The first transactions to small firms are expected to be carried out over the coming months, but the role of bigger firms in the growth of SMEs has also been highlighted by Ben Dowd, business director at O2.
 
"Small businesses form the engine room of the economy. Support to encourage investment in this community is crucial and the business bank is a great first step in government and private sector coming together to do this. But more can still be done," he said.
 
"It’s not just about funding. Big businesses also have an important role by offering advice, mentoring and support to help Britain’s entrepreneurs turn their ideas to reality and help get Britain’s economy back on the road to growth."


Image: bisgovuk

Date published 11 Apr 2013 | Last updated 11 Apr 2013

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

0800 0523 555

Or contact us