Clydesdale Bank pledges £6 billion to help support British SMEs

Clydesdale Bank has pledged a minimum of £6 billion to help support SMEs in Britain, with £1 billion being made available to support the day-to-day finance needs of businesses.

The pledge comes after research from Clydesdale Bank and Yorkshire Bank owner CYBG found that 35 per cent of the UK’s SMEs are having difficulty accessing finance from banks, with SMEs outside of London facing even more of a struggle.

Access

The research, which surveyed 750 SME decision-makers, revealed what respondents would use the finance for if they were able to have better access to it, with 24 per cent saying that they would hire staff, 20 per cent saying that they would refurbish their premises or invest in new infrastructure, and 18 per cent saying that they would spend it on working capital.

When it comes to growth, SMEs were found to believe that an increase in access to finance is the most important factor in their region.

Clydesdale Bank is now aiming to provide financial support to SMEs throughout the country between 2017 and 2019, with £350 million being pledged to support growth and £200 million being invested in SMEs in the agricultural sector.

Critical

CYBG Group Customer Banking Director, Gavin Opperman, commented that CYBG has been acting as a regional economic champion for more than 175 years and it has a history of supporting businesses at critical times in their growth.

He added that with more than £2 billion in funding available in 2017 and £6 billion over the next three years, CYBG is proud to finance the creativity and innovation of SMEs across the UK.

To read other stories about business, accountancy, finance and entrepreneurship, visit the LSBF blog.

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