The package of measures unveiled by the Business Finance Taskforce this week to help small firms with financing options from banks has been warmly welcomed by business leaders.
The seventeen proposals - which were drawn up by leading bank chiefs and the British Bankers Association - include new ideas that include a network of Dragons’ Den-style mentors and setting up a £1.5 billion Business Growth Fund.
The fund will offer equity support to companies with turnover of between £10m and £100m and funding needs of up to £10m. BBA chief executive, Angela Knight, said there had already been interest from other banking groups to take part in the fund.
"The Business Finance Taskforce demonstrates banks' real commitment to helping their business customers," she explained. "Our members appreciate they have a role to play in supporting the UK economy and are determined to play their full part in the nation's economic recovery."
A report from the taskforce said business lending has contracted by six per cent since 2008, but still stood at more than £500 billion. For small businesses, lending has shrunk by 3.5 per cent.
The CBI's director of competitive markets, Matthew Fell, said, "Banks have a big job to rebuild effective relationships with companies. The establishment of a Business Growth Fund will make a helpful contribution to the financing of small companies." 
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