A New Source of Business Finance?
The recent financial or economic development is expected to give some sunshine to the small ailing businesses in UK. The recent reports coming in the market suggests that the foreign banks would be standing in order to lend much needed funds to the small businesses in the country which are feeling the heat of worldwide financial depression.
According to the reports, in a secret meeting held yesterday by the government, chancellor Alistair Darling along with secretary Lord Mandelson has asked foreign banks to lend billions of pounds to UK’s small businesses.
The senior officials from well known banks and institutions like Deutsche Bank, Goldman Sachs, UBS, JP Morgan Chase and BNP Paribas attended the hidden meeting, where the government tried to avail any possible financial help for merging it with government funds. These funds are specially meant to meet the financial needs of small and medium sized enterprises.
The officials and experts close to the development are expecting the loans approval of about £25 million to £35 million, in order to make the funds available for small businesses.
The banks like HSBC, Barclays, RBS and Standard Chartered are also feeling the pressure of signing new funds plan for SMEs, despite of the fact that none of the UK banks attended the meeting.
