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SME funding to be increased by proposed Post Office Bank

19 March 2009

A new bank has been proposed by a coalition of major business leaders to run as part of the Post Office Network. Established using government funding, the bank could receive continued support by the issue of local bonds, and similar services. The proposal for the new bank was formally launched at a Parliamentary reception hosted by Jon Cuddas MP on the afternoon of Tuesday 12 March.

The proposed ‘Post Bank’ would provide a variety of services favourable to Small and Medium Enterprises, including providing more financial services to people and businesses currently not served by high street lenders, ensuring a stable source of community-based finance for people not using banks as well as small businesses looking for alternative financial sources, and strengthening the role of post offices and the Post Office Network - something which is expected to generate new job opportunities. Said John Wright, National Chairman of the Federation of Small Businesses in an interview with SMEWeb; “Most Sub Post Offices are run like small businesses, and keeping the network alive by establishing Post Bank would not only retain jobs but could also, we estimate, create 11,000 new jobs.”

When established, the Post Bank would provide SME’s with an alternative source of stable finance. The coalition behind the proposal is comprised of the Communication Workers Union, Federation of Small Businesses, National Pensioners Convention, new economics foundation, public interest research council, Unite the Union, and other observer and supporting organisations.




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