Banks and alternative lenders have reaffirmed their pledge to support small and medium sized businesses (SMEs) with concrete commitments under the new SME Finance Charter
Banks and alternative lenders have reaffirmed their pledge to support British SMEs ahead of Brexit and beyond by setting out concrete commitments under the SME Finance Charter, announced by the Business Finance Council on 9 October.
The SME Charter consists of 5 pledges, providing a framework for finance providers to set out their specific commitments to SMEs. Banks and lenders who have set out their commitments and therefore become signatories to the Charter currently include:
Bank of Ireland
Bank of Scotland
Bibby Financial Services
Secure Trust Bank
Business Secretary of State Andrea Leadsom said:
We set up the Business Finance Council to give SMEs the right tools and advice on the finance options available to them.
Knowing that 17 of our banks and lenders have committed to standing behind our brilliant British businesses gives me great confidence, and I encourage others to follow suit to set out their own commitments too. We are helping to ensure our SMEs are well placed to seize the opportunities that Brexit presents.
Economic Secretary to the Treasury John Glen said:
Our brilliant small businesses are the backbone of the economy and we will make sure they get the finance they need to continue growing, creating jobs and boosting our economy.
It’s great to see financial providers coming together today to set out how they will support these businesses, and I call on others to follow this lead and help our SMEs so they can thrive through Brexit and beyond.
All 17 banks and lenders have agreed to the 5 pledges outlined in the SME Charter, as well as making their own additional commitments to their SME customers. Examples of specific commitments range from dedicated funding pots for business and SME customers, to local workshops and Brexit helplines with industry experts. Visit the SME Finance Charter page for further details.
Source: Company Press Release