Banks Showing Support For Small Businesses, Expert Claims

Fri, 27 Feb 2009

Britain's major high street banks are "willing and able" to supply finance to smaller firms to help them get through the current economic downturn, an industry insider has claimed.

Paul Ross, director of the British Bankers' Association (BBA), said UK lenders are assisting businesses by providing a number of loans and commercial mortgages .

His comments were made following the recent announcement from business secretary Peter Mandelson that the government's enterprise finance guarantee scheme has provided financial support to thousands of UK firms since its launch last month.

Mr Ross said the scheme has enabled banks "to lend to viable businesses which might otherwise struggle to get credit ".

He added that the BBA is committed to working alongside ministers to draw up "innovative" ways of supporting the UK economy.

The Federation of Small Businesses said it has welcomed the government support package, but revealed that it has concerns that some lenders are not promoting it enough.
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