Metro Bank is Official GrowthAccelerator Business Lender
Metro Bank has been announced as an official lender in one of the Government’s numerous initiatives aimed at boosting lending to small businesses.
The GrowthAccelerator scheme was set up to provide business finance and coaching to ventures with the potential for rapid and sustainable growth.
Now Metro Bank is supporting up to £100 million worth of lending in the £200 million scheme.
RBS NatWest, which has already signed up to lend a proposed £2.5 billion to small and medium-sized businesses in the Funding for Lending Scheme (FLS), will promote the GrowthAccelerator service through its own extensive network of relationship managers.
Business Secretary Vince Cable said of the scheme;
“GrowthAccelerator is designed to help these next generation businesses fulfil their potential. Getting access to finance on reasonable terms is crucial to their success which is why I am delighted with today’s pledge by Metro Bank to provide up to £100 million of lending to eligible businesses signed up to GrowthAccelerator.”
“It is good news for businesses that new entrants like Metro Bank are energising the market to support dynamic, fast-growing UK businesses.”
“I also welcome RBS Natwest’s commitment to promote GrowthAccelerator to its substantial SME client-base.”
GrowthAccelerator is one of a number of Government-led measures to help small and medium-sized businesses including the Business in You campaign, part of StartUp Britain, which is aimed at getting budding entrepreneurs’ business ideas off the ground, and MentorsMe, a scheme to drive more business coaching for SMEs. GrowthAccelerator is part of the Government’s Plan for Growth , a strategy set in place in Budget 2011.
Business funding from Metro Bank will be subject to the bank’s usual lending criteria and is seen as a sign of the private sector’s confidence in investing in the GrowthAccelerator initiative.