UK Banks to Develop Fund to Help Company Formation

Throughout the recession the UK’s banks have come under fire for failing to adequately support company formation and company registration. Indeed, from lending to increasing the cost of existing finance arrangement, they have been demonised by almost all areas of enterprise. But is that about to change?

When the coalition government first came into power they said that they would appoint a ‘Small Business Minister’ to deal – among other things – with the issue of lending. While that plan never came into fruition, in July they did form a task force of individuals to look into how lending can be improved.

Made up of leading banking figures from all the big banks and representatives from various government departments, the task force has now revealed that it plans to develop a fund with the specific objective of lending to small businesses and support company formation and enterprise in the UK.

The report is scheduled to be published before Christmas and will contain number key points with the objective of supporting company formation.