Heseltine: Govt will give ‘real support’ to small businesses

Lord Heseltine, chair of the independent advisory panel, commented on the regional growth fund:
“I believe the £450 million of regional growth fund announced today, which levers in around £2.5 billion of private sector investment, supports projects delivering real jobs to real people on the ground now. They show government is getting actively behind the private sector to rebalance our economy.
“I have always believed in the need to give real support to small businesses for whom bidding for £1 million is way beyond what they could normally expect. That’s why we are providing more than £150 million to give targeted support to small businesses which are the lifeblood of our economy.
“That is why I am also pleased that a number of high street banks are joining the government in supporting microfinance through the Community Development Finance Associations. £30 million of regional growth fund will be matched by a further £30 million from two banks.
“In addition we are in detailed discussion with the high street banks over options for schemes to get additional finance to small businesses in economically vulnerable parts of England. We want to develop effective mechanisms to support growing small businesses and small projects through the regional growth fund.”