£110m ‘non-traditional’ funding for small firms
BUSINESS Secretary Vince Cable yesterday gave a £110 million boost for small businesses by handing cash to four “non-traditional” specialist lenders.
The Department for Business Innovation & Skills (BIS) said the first £55m tranche of the £100m Business Finance Partnership (BFP) pot earmarked for non-traditional channels in May will be match-funded by recipients, giving an initial total of £110m.