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Commercial Credit News
|Interest rate comment - effect on small business, Made Simple Group|
|Thursday, 04 August 2016|
Commenting on the Bank of England’s decision to cut interest rates to 0.25%, Howard Graham, CEO of start-up specialist Made Simple Group, said: “This is welcome news for small businesses and start-ups, who will benefit from cheaper borrowing – vital when you consider that sourcing finance is one of the first hurdles when setting up a new company. Small enterprises, especially those employing just nine people or less, are cornerstones of our economy, accounting for 95% of total UK business and a third of the sector’s employment, yet barriers like funding can act as a deterrent for those just starting out.
“For these companies, the ability to borrow at a lower rate could make a huge difference to their prospects over the next few months. In turn, this could be a shot in the arm for the economy.”
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