Lord Mayor urges lending to SMEs

The Lord Mayor of the City of London has announced that he is putting "huge pressure" on banks to lend more money to small businesses. Michael Bear told the Yorkshire Post that "there needs to be a concerted effort to make sure that there is an incentive to grow business… and that banks do lend working capital to businesses that want to grow." The symbolic head of the country’s financial services has called for a reform, but warned that just creating more rules was not the answer, noting that "too much bureaucracy just adds to the cost of doing business". He concluded by remarking that the balance between safety, entrepreneurship and lending must be maintained for SMEs to thrive. Visit www.viking-direct.co.uk

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