Response to Vince Cable’s proposals for a government business bank

24 September 2012

Shawbrook has responded to proposals by Vince Cable for a government business bank which will lend to SMEs.

Philip George, Interim CEO of Shawbrook Bank said,
“Today’s announcement is a very positive step by the government in its efforts to support small businesses and increase growth. With every week that goes by, the number of credit-worthy businesses struggling to borrow from high street banks increases. Many thousands of SMEs in this country are being stifled by the lack of credit, and we hope the new business bank will help increase lending so these businesses can once again expand and grow.

“Banks are being criticised  for not lending to small businesses, but let’s not forget there are challenger banks like Shawbrook who are already working very hard to plug the gap left by the high street banks. Shawbrook launched in October 2011 with a commitment to making it easier and more straightforward for credit-worthy SMEs to borrow, and by the end of this year we hope to have £1 billion of assets on our balance sheet. We’re very proud of our growth since launch, and we believe it demonstrates the real demand among SMEs for a bank that is willing to lend.  We look forward to hearing more details of the government’s business bank in the chancellor’s autumn statement, and hope to play our part the scheme. In the meantime, we will continue to fulfil the promise we made when we launched last year and provide no-nonsense lending to hard-working businesses and individuals around the country.”