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East Midlands Chamber News

Government Launches Phase One of its Business Bank

£20 note - © Suti Stock Free Images and Dreamstime Stock PhotosThe Government has launched the first phase of its much-vaunted Business Bank.

£300m of the promised £1bn has been allocated for small and medium-sized business investment.

The cash will be released on a matched-funding basis to commercial lenders for investment in SMEs.

Expressions of interest have to be submitted by 22 May 2013 although the application process will be open until 28 February 2014.

Launching phase one of the scheme, Business Secretary Vince Cable said: "Small and medium-sized businesses are still telling me that access to finance is their number one problem, preventing them from investing and growing."

He added: "Today’s £300m boost shows we are serious about increasing competition and diversity in the business lending market.

For more information is available on the Government website.