28/09/2012

Ulster Bank Sign Up To Funding For Lending Scheme

SDLP Finance Spokesperson Dominic Bradley has welcomed Ulster Bank's announcement that they will be signing up to the Bank of England’s Funding for Lending scheme for businesses, but says that the worth of the scheme will be proven by the experience of Small and Medium Enterprises who get finance from them.

The Newry and Armagh MLA said: "The Funding for Lending Scheme is a positive move by the Bank of England to ensure that there is additional finance available to banks for business lending.

"The need to stimulate our economy and grow our private sector has never been greater and I hope that the positivity shown by the Bank of England is replicated in Ulster Bank’s lending practices.

"Those who suffer most at a time of economic downturn are the small and medium-sized enterprises (SMEs) whose margins are smaller and who are often the first to go to the wall, particularly because they frequently struggle to get credit.

"The true success or failure of Ulster Bank’s engagement in Funding for Lending will be in how they treat SMEs who come to them for business-related finance."

(CD)

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