Greg Carter

Growth Street commits £60m to Scottish SMEs to tackle £800m funding gap

Growth Street has agreed to provide £60m to Scottish SMEs to help reduce the funding gap left by high street banks.

Research by the SME finance provider found that the total overdraft limit available to Scottish SMEs had declined, resulting in a funding gap of over £800m.

Growth Street has claimed that this is due to the high street banks’ increasing reluctance to extend overdrafts to SMEs.

“The £800m funding gap is a dramatic realisation that overdraft facilities available to businesses in Scotland are in short supply,” said Greg Carter, CEO at Growth Street (pictured above).

“Scottish businesses face a significant void in their funding, which might result in an everyday working capital squeeze.

“Growth Street wants to lead the charge to fill the hole left by the banks.”

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