Originally written by Timothy Adler on Small Business
The Government has established a Business Finance Council to help small businesses access funding once the UK has left the European Union.
Business secretary Andrea Leadsom will co-chair the council with economic secretary John Glen, which will be made up of representatives from high-street banks and alternative lenders.
The council will identify and help overcome any barriers faced by small and medium-sized businesses in securing the finance they need, particularly working capital and investment.
Leadsom said: “Our new Business Finance Council will bring together key players, ensuring that finance continues to flow to our brilliant businesses so they can do just that.”
Glen added: “It’s vital that businesses engage with their lenders ahead of Brexit and the new Business Finance Council will ensure government, banks and other lenders work together to help SMEs access the finance they need.”
Michael Gove, the minister in charge of no-deal preparations and small business minister Kelly Tolhurst were also present at the meeting on Thursday.
Banks and alternative lenders summoned to the Cabinet Office included Barclays, Bibby Financial Services, British Business Bank, Close Brothers, CYBG/Virgin Money, Funding Circle, HSBC, Lloyds, Metro Bank, RBS, Santander, Secure Trust Bank, Shawbrook, TSB and UK Finance.
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