New SME lender to launch
Australian debt company Scottish Pacific is opening in London to take advantage of the shortfall in funding available for SMEs. The firm is establishing a British base to extend up to A$500m (£260m) to small UK firms, focussing on companies that need funding to source products overseas. Meanwhile, the major high street banks have signed a pact that will allow all their SME and personal customers to do banking at their local post office by the end of the year. It means bank customers will be able to put cash and cheques into current accounts, check on balances and withdraw cash.