Metro Bank commits £100m to Growth Accelerator scheme

Partnership announced by business secretary Vince Cable

Entrepreneurs will have access to up to £100m in funding, following an announcement by the business secretary of a partnership with Metro Bank. Cable today revealed Metro Bank as the primary banking partner for the government-backed GrowthAccelerator initiative, through which it will allocate £100m of debt funding to stimulate business growth. The £200m GrowthAccelerator service matches eligible companies with business experts, to help them achieve 20% growth year-on-year. This is achieved both by improving access to finance and developing leadership skills, as well as by commercialising innovations. Metro Bank’s CEO Craig Donaldson said after the announcement: “Research has proven that high-growth firms make up just 7% of all UK firms – yet they generate around half of all new jobs and show particular resiliency during recession. “It’s our responsibility to ensure that these firms have the support and the access to credit they need to expand.”   He added: “Metro Bank is a growing business itself, with money to lend. We are pleased to work with Grant Thornton and the Department for Business, Innovation and Skills to support the small businesses that are spearheading Britain’s recovery.” For more information, visit the Growth Accelerator website

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