Smarta SEP 3, 2012

  • George Osborne announces plans for a small business bank

    The ‘Small Business Bank’ will aim to gather all the government
    help available for entrepreneurs and put it under one roof. This is
    to simplify the current system, that sees numerous different
    services being offered by a large number of bodies.

    “The bank will bring together the alphabet soup of existing
    schemes available to small businesses”, said Osborne. “The weakness
    in our banking system is one of the biggest problems we’ve got.
    Small businesses are the innocent victims of the financial

    The new bank will be government-backed but will have a strong
    private sector focus. The bank will not compete with high street
    banks or take deposits.

    Similar schemes are already in operation in the US, Germany and
    Ireland and the British version will be based on these. The
    Treasury is hoping it could form the basis for a small national
    network and eventually be able to join forces with the private
    sector in joint projects.

    This news comes with a report today from the Global
    Entrepreneurship Monitor programme which shows that over 20 per
    cent of those who are of working age are planning to launch their
    own business in the next three years.

    A survey from mid-market private equity firm ECI, which shows
    that sixty one percent of British SME’s are predicting double-digit
    growth in the next year, should further boost the mood of UK
    entrepreneurs today.

  • Monday Morning Motivation: #Quoteoftheday

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