Friday, 14 December 2012

Cambridge & Counties Bank News. SMEs. Aldermore Bank. Vince Cable. Vladimir Aleksandrovich Antonov.

Cambridge & Counties Bank’s recent Press Release on 12 December 2012, six months after opening, was buoyant. It announced that lending volumes are on target and deposit volumes are exceeding target.

The bank specialises in providing support to SMEs, small and medium-sized businesses, by giving them savings products to help them grow, and much needed loans for development which are otherwise unobtainable from tight-fisted, wary high street banks.

Deposit volumes for Cambridge & Counties Bank are above target since the launch in October of the 30 day business account, for investments from £10,000 up to £1m, paying 2.10% Gross/AER variable. The Terms and Conditions of this account call it

“Just straightforward good value - no bonuses or introductory offers to catch you out.”

Cambridge & Counties Bank is jointly owned by Cambridgeshire Local Government Pension Fund and Cambridge University college, Trinity Hall. The college’s investment is part of its endowment portfolio. The bursar of Trinity Hall, Paul ffolkes Davis is chairman of the bank.

Cambridge & Counties Bank was the former Pensions Bank Limited, Leicester, founded in 1971. Zoah Hedges-Stocks in The Cambridge Student Online has delved deep into the history of a former major shareholder of Pensions Bank Limited, Vladimir Aleksandrovich Antonov, a former owner of Portsmouth Football Club and a lot else besides.

Despite all the government measures for SMEs, it does seem that the message is not getting through. Results of research published last month on 26 November by Aldermore Bank confirms that nearly 38% of SMEs ‘are unaware of government grants and schemes designed to help them’. On 11 December this week, Vince Cable, the Business Secretary, announced yet another £110m funding scheme for SMEs. It would make sense therefore if SMEs could be targeted individually from now on with such vital information.