The Government will today unveil a new £95million fund for small and medium-sized businesses struggling to access commercial bank loans. The latest expansion of the Government’s Regional Growth Fund will let businesses that cannot currently get money from their bank apply for up to £500,000 from the new fund. The money, which will be handed out by HSBC and Royal Bank of Scotland, will be targeted at firms in areas currently dependent on public sector employment, such as the North East. The Government estimates it will create more than 4,000 jobs and “unlock” around £500m of new investment by small and medium-sized enterprises.

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