Friday, November 14, 2008

News: Panel launched to monitor Banks' small business lending


Business Secretary Peter Mandelson has announced the creation of a new panel to monitor how banks are lending to small businesses. The five major high street banks reached an agreement with the government to provide data on the availability, risk and overall cost of lending to small and medium sized businesses at the first meeting of the Small Business Finance Forum. The monitoring panel will be made up of senior Department for Business and Treasury officials and representatives from the Bank of England. It will monitor and enter into a constructive dialogue with individual lenders on the availability, risk and overall cost of SME lending. Business Secretary Peter Mandelson said: "It is critical we understand what finance is available for small businesses and this monitoring panel will give us greater insight into the situation at ground level. "The panel, together with the revised Statement of Principles, shows a commitment to making progress on resolving the credit issues faced by small businesses." The Government, in partnership with the Institute of Credit Management, has produced a series of quick, user-friendly guides designed to provide this support direct to enterprises. Forum members will now promote the guides over the next few months.


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