Bristol Business Bank
Set up a bank to support Bristol businesses. Come to an agreement with,say, Hargreaves Lansdown, to administer this Bristol Business Bank at special terms, say 0.1% management charge and 0.1% of profits. [Even free of charges for the first two years, good PR for HL].
Small and medium sized businesses are starved of cash. The Business Bank proposed by the government is making very slow progress and, in any case, is not well funded.
Bristol businesses have great potential and the city has a strong financial sector.
Bristol could lead the way in this important area.
Why the contribution is important
Bristol has many small/medium businesses that can only grow if investment capital is available. There is great potential for new businesses, particularly spin offs from the two Universities. Banks are unlikely to start lending for some time and when they do finance is usually short term.
Bristol has a well established financial sector.
Bristol Business Bank must only provide long term finance.
Local financing of businesses works well in Germany so there is a model to copy.
A successful local bank would drive Bristol businesses, increase employment and set an example for other cities to follow.
by user143630 on December 12, 2013 at 04:35PM