UK banks create mentoring scheme for small businesses

It was announced today that some of the UK’s leading banks such as HSBC and Lloyds have launched a mentoring scheme for small and medium sized businesses. (SME’s)

In the past, UK banks have been criticized for lending enough to SME’s. The new mentoring scheme therefore aims to support businesses on a variety of issues such as finance, marketing and HR.

The scheme will be run by approximately 1000 volunteer retired employees of the participating banks, which include, Banking Group, Royal Bank of Scotland and Santander.

Stephen Pegg, director at Lloyds Banking Group said to the BBC, "Having a bit of financial input, someone to ask the right questions... helps you put together better lending propositions so actually that finance can get out there and businesses can be encouraged to have the confidence to invest and the contacts to look at a wider range of finance."

Source: Banks to mentor small businesses