AN INVESTMENT GROUP headed by former ICAEW chief executive Eric Anstee is one of four firms picked help launch a new government SME finance initiative.
The City of London Group, of which Anstee is CEO, has been awarded a £5m ‘mandate’ on behalf of the Department of Business, where the government will match the group’s investment into the SME community.
City of London’s funding subsidiary, Credit Asset Management, invests in small business – and in particular to professional services.
The Business Finance Partnership was announced by the government on 29 November 2011 as part of an initiative to support SME growth across the UK.
A total of £110m in mandates will be issued to increase the flow of credit through ‘non-traditional’ channels.
Anstee has been vocal in the past about the need for government to do more to provide SMEs with financing options.
Of the new scheme, he said: “We look forward to sourcing similar mandates from institutional investors looking for attractive returns from backing UK SMEs.”
Do you have an investigation looming large over you? Kingsley Napley's Julie Matheson goes through the best strategies to manage the process
The International Accounting Standards Board (IASB) have announced that Françoise Flores will join 1 January 2017
Kingston Smith has announced the promotion of James Moggeridge and Nick Thompson to directors
It has been another glittering night in the accountancy calendar. A range of practices big and small, plus outstanding individuals, have been rewarded for their efforts in the British Accountancy Awards 2016