Metro Bank has been announced as a primary banking partner for the Government backed GrowthAccelerator initiative. In a speech today, Business Secretary Vince Cable announced that Metro Bank will support up to £100 million in lending for applicable growing small and medium sized enterprises.
Craig Donaldson, Chief Executive of Metro Bank, commented on the announcement: “Metro Bank is dedicated to supporting Britain’s SMEs. Research has proven that high-growth firms make up just 7% of all UK firms - yet they generate around half of all new jobs and show particular resiliency during recession. It’s our responsibility to ensure that these firms have the support and the access to credit they need to expand.
“Over half of all Metro Bank’s lending is to SMEs and commercial enterprises. Businesses want to borrow from us because our common sense, relationship based approach to credit decisions means that we judge each business on its individual merit.
“Metro Bank is a growing business itself, with money to lend. We are pleased to work with Grant Thornton and the Department for Business, Innovation and Skills to support the small businesses that are spearheading Britain’s recovery.”