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Peter Ibbetson Comments on UK SMEs £1billion Funding since launch of FFL Scheme

Today it’s been confirmed that UK SMEs are to experience ‘a real opportunity for growth’ as they receive £1billion in funding since the introduction of the Governments Funding for Lending Scheme
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Evidence today confirms that UK small businesses have received over £1billion funding since the introduction of the Government’s Funding for Lending Scheme two months ago, despite initial scepticism.

The £80billion scheme which aims to kick-start Britain’s economy was criticised by experts who warned the new cash may not reach those who need it the most.

However, confirmation that the money which has been lent to date has been split regionally and managed locally indicates that community businesses are benefitting fully, having saved SMEs over £25million already – an average of £4,500 per business.

The lenders, RBS and Natwest, say they saw a 15% increase in applications for their discounted loans in the first month, verification that small UK business are truly embracing the scheme and investing early.

. Introduction:

Two months on from the launch of the Government’s Funding for Lending Scheme and today we’re finding that UK small businesses have received over £1billion in funding to date. Despite original scepticism that the money may not reach those who need it the most, it’s been confirmed that the money distributed already has been split regionally and managed locally.

So as lending continues and more local businesses take advantage, what is the outlook for the economy and are UK SMES fully reaping the benefits?

Joining us to in the studio this morning is Chairman of Small Business Banking for RBS, Peter Ibbetson.