Regional Growth Fund to help small businesses

Posted by Department for Business innovation and Skills on 10 November 2011 | 0 Comments

Tags: Chamber of commerce, business builder, business growth, business funding

Hundreds of small businesses will benefit from government investment of £95 million to help boost growth and rebalance the economy.

The funding is expected to create at least 4,000 jobs and unlock around £500 million of new investment by small and medium businesses (SMEs).

RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million - which is part of the government’s Regional Growth Fund. RBS and NatWest will facilitate £70 million and HSBC will facilitate £25 million. The banks will not profit financially from the administration of these schemes.

Through these schemes small businesses, which are unable to secure commercial funding for their project, have the potential to benefit from government support through the banks’ regional networks in order to make their project commercially viable. The schemes announced today will provide grants to support SMEs considering investing in new capital assets and creating new employment.

For more information go to Regional Growth Fund