The announcement was made at the Federation of Small Businesses’ (FSB) during Vince Cable’s keynote address held in the Leicester City Curve theatre. Three new lenders: Beechbrook Capital, Market Invoice, and Urica will share over £30m out of the Government funding that will help small firms find other ways to get financing outside of traditional bank lending.
Each of the lending groups has committed themselves to getting additional funding options from private sector investors and in total they are expected to get as much as £70m together that they can then pass on to small businesses.
Cable stated that many small businesses are finding their potential for growth chocked off because they cannot find financing. Not only does this prevent them from growing, but it also prevents them from investing in equipment that will help them improve their business or hiring new staff members.
The FSB conference is expected to attract over 800 business people from around the world. The two-day event is scheduled to take place at both the Athena and the Curve and is expected to attract as much as £2m.
The first day of speeches included many other speeches outside of Vince Cable’s including speeches from Shadow Business Secretary Chuka Umunna and Environment, Food, and Rural Affairs Secretary Owen Paterson.
On the second day of the conference Naga Munchetty the broadcaster is scheduled to speak and MP for Leicester South Jon Ashworth is scheduled to speak. Also scheduled to speak at the conference is FSB UK policy chairman Mike Cherry, Nicky Morgan MP for Loughborough, and Leicester Mercury business editor Ian Griffin.