Vince Cable, the Business Secretary, has recently announced that a new partnership is going to be taking place in the UK with Metro Bank, which is hoped to boost the prospects of small businesses in the country. The bank is going to provide up to £100 million in funding for businesses that have been deemed eligible in the south-east as well as London. The companies that want to take part are going to have to sign up to the Growth Accelerator, which is a coaching service that is backed by the government. It is targeted at small businesses in order to encourage them to experience rapid growth that is also sustainable.
The Growth Accelerator is also being backed by RBS NatWest and it is going to be incremented across the nation instead of being limited to London and the south-east. It is expected that 3000 relationship managers are going to be working with small businesses to see if they are eligible, and then offering them funding advice on how to expand.
There are various factors that must be met by businesses if they are to be eligible for the funding from Metro Bank, and these are going to involve aspects such as sustainability. This is one of the many partnerships that have been taking place between private enterprises and the government, in order to support smaller businesses in the country. It is being largely pursued by the government because they see small enterprise as one of the keys to restoring economic growth in the UK. So far over 1000 businesses have signed up for the Growth Accelerator program.