Mandelson launches £20bn plan for small businesses

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Mandelson launches £20bn plan for small businesses

Business secretary Peter Mandelson has launched a plan which will see the government investing £20 billion in order to ensure the financial future of the UK's small and medium-sized enterprises (SMEs).

It is hoped the investment will persuade banks to lend to SMEs by offering to guarantee 50 per cent of any loans made to the small business sector, leaving banks facing half the financial risk.

The plan also includes a £75 million fund for small firms which need equity investments.

Lord Mandelson said: "UK companies are the lifeblood of the economy and it is crucial that government acts now to provide real help to support them through the downturn and see them emerge stronger at the other side."

The government also announced that Mervyn Davies, formerly the chairman of Standard Chartered bank, would become the minister for trade.

Following the Bank of England's rate cut last week several banks, including Lloyds TSB and HSBC, announced that the rates of interest on their small business loans would be reduced.

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