Government to invest £1 Billion on a Business Bank

The government through its autumn statement announced that they are going to inject £1bn of funding for a new Business Bank aimed at boosting lending to small businesses. The new bank will try to transform the way that government delivers support to SMEs and will stimulate the provision of long-term capital, including by leveraging in substantial private sector finance.

As detailed in the autumn statement, the government will invest at least £300m over the next two years, alongside private investors, in channels that are expected to help diversify the sources of finance available to small businesses. Up to £50m will be deployed next year, peaking at £300m in 2015/16, and then a final instalment of £150m in 2017/18. The bank is expected to bring together, review and rationalise existing government schemes aimed at supporting access to finance for businesses under a single organisation.

If you are a small business owner, you will benefit from the initiatives of this bank. Contact KVS Accountants to seek advice on how to get the most out of these initiatives and how to apply for grants etc. KVS acts as accountants and bookkeepers in Putney, Chelsea, Wandsworth, Fulham, Barnes, Wimbledon, Hammersmith and Southfields.

 

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