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Phillip Monks responds to Vince Cable's business bank announcement
Responding to Vince Cable's announcement regarding the establishment of a Government-backed business bank, Phillip Monks, CEO of Aldermore Bank said:
"Today's announcement is a welcome demonstration of the Government's commitment to supporting fast-growing small and medium-sized businesses, and is another positive development following the announcement of the Funding for Lending Scheme last month."
"A Government-backed business bank would not only help to unlock the supply of credit to the SME sector, the engine that drives the UK economy; by partnering with challenger banks and alternative lenders, it would also help introduce much-needed competition into the SME lending space."
"Lending to smaller businesses has been one of the cornerstones of Aldermore's business since we were launched in 2009. Today, we have more than 12, 000 business customers and are about to break through £1 billion in SME lending, at a time when many other banks are scaling back their loan books."
If you would like further information on Aldermore or a call with Phillip Monks please contact either Duncan Browne or Andrea Coleman - 020 7379 5151.