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Metro Bank unveils commitment to business lending

Date Added: 10/10/2012  

Business lending is to be increased by Metro Bank, it has been pledged by the organisation.

The company will be making up to £100 million available in lending for small and medium sized enterprises (SMEs) across the country.

Firms in need of business debt advice may be among those who want to apply for a loan from Metro Bank in a bid to improve their financial situation in the coming weeks and months.

Craig Donaldson, chief executive of Metro Bank, stated the bank is clear about the need for finance for growing businesses due to the fact that it is one itself.

"Research has proven that high-growth firms make up justseven per cent of all UK firms - yet they generate around half of all new jobs and show particular resiliency during recession," he was quoted as saying by the Huffington Post, adding: "It's our responsibility to ensure that these firms have the support and the access to credit they need to expand."

Mr Donaldson also pointed out that over half of all Metro Bank's lending is to SMEs and commercial enterprises, explaining companies choose to borrow from the bank because of its "common sense, relationship based approach to credit decisions means that we judge each business on its individual merit".

The announcement of the increase in business lending from Metro Bank comes shortly after its announcement that its chairman Anthony Thomson is to step down from the role.

Vernon Hill, Metro Bank's co- founder, thanked the executive for his contribution to the success of the bank.

The government recently teamed up with the Bank of England to launch a new scheme that it claims is going to improve business lending to companies in need of finance.

Reaction to the Funding for Lending Scheme - which offers banks incentives to lend more money to SMEs up and down the country - was mixed among company bosses.

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Posted by Miles Pritchard

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