LONDON, Jan 26 (KUNA) -- Small Businesses in the UK, particularly small-to-medium size enterprises (SMEs), will benefit from a landmark GEP 11 billion lending package aimed at helping them to invest and expand abroad.
Five leading banks -- NatWest, HSBC UK, Barclays, Lloyds, and Santander - have committed to the scheme signed the agreement with the government.
Business Secretary Peter Kyle said, "The آ£11 billion these banks are making available will help meet the ambitions of smaller British businesses to fully export, expand and exploit these international market opportunities. It is positive proof of UK lenders' confidence in the growth prospects of British enterprise".
He added that British export potential relied on businesses having all that was at their disposal to help them succeed abroad.
Also commenting, Chancellor of Exchequer Rachel Reeves stated, "Britain's small businesses are ready to take on the world - and this آ£11 billion commitment gives them the firepower to do it," adding that the lending scheme will help British business expand into new markets and create jobs and opportunities.
UK Export Finance (UKEF), the country's export credit agency, will guarantee up to 80 percent of eligible loans by banks. (end) gta.ibi