Clydesdale and Yorkshire Bank have pledged to offer increased support to small businesses, which comes after the government have urged banks to increase lending to small enterprise. Figures from the British Bankers Association reveal that approximately 400,000 new businesses start up every year, most of whom require funding. Clydesdale and Yorkshire Bank are pledging their support to companies who have a turnover of less than £1 million, or who want to borrow less than £250,000. This will help them to meet their target of lending £10 billion in a two year period, ending this year.
The banks have introduced a new service which is aimed at helping small businesses who require funding. They will build the service on providing local support for local businesses. Initially, in excess of 100 advisors will be helping companies from the North, Scotland and the Midlands, with further expansion to the South of the country at a later date.
As the economy slowly recovers, the government are looking to new businesses and developing enterprise to provide employment opportunities. A lack of funding has been a problem for small business previously. Keeping accurate records, produced using real time information, will provide a clear financial strategy for your business, which will be a valuable asset in your application for funding. A small business accountancy will ensure that you have the necessary knowledge of your company finances, to be able to produce an accurate forecast for future investors. A small business accountancy will maximise financial growth, by leaving you free to concentrate on other aspects of your business.
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