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UK banks to pledge £1bn to venture fund

Britain’s six big banks will next week pledge to inject something approaching £1bn into a new venture capital fund designed to help recapitalise financially stretched smaller businesses, as the much-maligned banking industry tries to make its peace with the government and society at large.

In a high-street twist on the popular BBC show Dragon’s Den, the fund would inject equity into a business, putting it on a firmer footing to then seek a bank loan. This “equity gap” has been widely blamed for banks’ reluctance to lend to some otherwise healthy smaller companies.

To continue reading, please follow the link below to the FT website.




Author:Patrick Jenkins, FT.com

Source:http://www.ft.com/cms/s/0/bb1293a2-d009-11df-bb9e-00144feab49a.html?ftcamp=rss&ftcamp=crm/email/2010105/nbe/UKMorningHeadlines/product