British enterprise bank

New Bank Pledges to Lend Exclusively to Small Businesses

An unnamed group of City investors has launched a funding drive to set up a new bank aimed at small business lending. According to a story in the Sunday Times, the British Enterprise Bank (BEB) will take deposits from the public but lend exclusively to small firms. The bank will have 23 branches located in business parks around the country. The group behind the bank is led by Jono Shorrock, a former senior banker at Merrill Lynch and Morgan Stanley. They have reportedly begun an eight-week, £100 million funding drive with a view to starting trading in 2011 and are said to be targeting private equity groups, hedge funds and wealthy individuals investors as far away as the Middle East. Shorrock was unavailable for comment, but told the Sunday Times: “The plan is to actually lend to sma... »