Peter Mandelson, Secretary of State for Business, Enterprise and Regulatory Reform, announces the launch of a package of support to address the cash flow, credit and capital needs of businesses.
This package operationalises and builds upon the commitments made in the Pre-Budget Report, providing:
- £1bn of guarantees supporting £1.3bn of lending to smaller businesses;
- Up to £10bn of guarantees supporting £20bn of working capital
- £75m capital (£50m from HMG and £25m from banks) fund to invest in businesses who need equity or quasi equity