// Business secretary Andrea Leadsom will co-chair a new business finance council designed to support SMEs
// The council will include senior representatives from banks and co-lenders in the UK
// Michael Gove and small business minister Kelly Tolhurst will also sit on the committee
A new business finance council has been designed to support small to medium sized enterprises (SMEs), co-chaired by business secretary Andrea Leadsom, ahead of Brexit.
The council will include senior representatives from banks and co-lenders in the UK, and will be co-chaired by economic secretary to the treasury, John Glen.
Michael Gove and small business minister Kelly Tolhurst will also sit on the committee.
”Our new business finance council will bring together key players, ensuring that finance continues to flow to our brilliant British businesses so they can do just that,” Leadsom said.
“Our financial system is strong and banks have the capacity to lend.”
The council said it will address any barriers faced by SMEs – including retailers – in securing the finance they need.
Meanwhile, lenders will be able to access £300 million of further “headroom” for this year from the British Business Bank’s Enterprise Finance Guarantee (EFG), which helps smaller businesses to obtain loans.
Chancellor Sajid Javid announced his spending review on September 4, in which he pushed a further £241 million for the regeneration of high streets.