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Banks: Lending

House of Lords written question – answered on 18th January 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they intend to take any action in respect of the widening in the cost of bank lending to small businesses, as reported in the Bank of England's Credit Conditions Survey for quarter four of 2010.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Government are taking action to ensure that small businesses get access to the finance they need. The Government are providing additional support for the enterprise finance guarantee over the next four years which will enable over £2 billion of lending to viable small businesses that lack collateral or a track record. The Government are also helping to increase equity finance, through initiating a £1.5 billion industry-led business growth fund and through £200 million of additional funding for the Enterprise Capital Funds programme.

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