Talking at the Imperial College London, the Business Secretary launched the Government's latest plans to stimulate economic growth. Cable spent a significant proportion of the speech commenting on the battles faced by SMEs looking to procure finance from the larger financial institutions.
"Many businesses face real issues in raising finance. The latest SME Finance Monitor shows that in the last 12 month, 33 per cent of business who applied for a loan were rejected. The big banks including the semi-state owned banks are preoccupied with repairing damaged balance sheets…There is a real shortage of long-term, patient capital for businesses."
The Business Secretary went on to reference Aldermore as an example of a bank helping to support SMEs across the UK.
Below, you can read several tweets from the individuals and organisations present at the Business Secretary's speech this afternoon:
Earlier in the day, Cable had name-checked Aldermore during an interview on the Today Programme on BBC Radio 4. Speaking in the broadcast, he commented:
"There are areas where the financial services marketing isn't working for chunks of the British economy… Small business lending is actually contracting. We have these new challenger banks which are trying to build up relationship banking for small-scale business."
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