The Government is struggling to raise £1 billion from banks to finance its much-delayed National Investment Corporation (NIC), a fund to help small businesses.
The NIC is intended to be like the Industrial and Commercial Finance Corporation, a body set up after the Second World War to help small businesses.
Royal Bank of Scotland, which is 84 per cent owned by the taxpayer, and Lloyds, in which the taxpayer has a 43 per cent stake, have each agreed to contribute £100 million to the fund.
Meanwhile, banks are preparing to take the hit from the Government’s bonus tax so that they can still pay most employees what they were expecting for 2009.
If you have a small business you can showcase your products and talents by creating your own professional
website with Mr Site.
There’s no need for outsourcing and you can make the most of features like Site Boost and secure payments with PayPal.
