A new bank had been set up in Leicestershire, UK.
- And the bank is targeting British Asian SMEs, particularly, those that are having a hard time securing lending from High Street Bank. High Street is like Wall Street of the USA.
Small and medium enterprise or small and medium-sized enterprise (SMEs, small and medium-sized businesses, SMBs and variations thereof) are companies whose personnel numbers fall below certain limits. The abbreviation “SME” is used in the European Union and by international organizations such as the World Bank, the United Nations and the World Trade Organization(WTO). In most economies, smaller enterprises outnumber large companies by a wide margin. SMEs are said to be responsible for driving innovation and competition in many economic sectors.
- I never heard of the Leicestershire area before.
However, I looked up the Wikipedia, to see where Leicestershire is, and well, the area is in the middle of the UK, a little south of Notting Hill. Then on Leicestershire economy, the most significant is that it is the home town of Triumph Motorcycle. The area is rich in engineering and agriculture tradition, says Wikipedia.
The UK economy is off course, in a mess. That mess, to most wealthy Asian in Asia, means UK property is being sold at a discount. And thus the London property market, for example, is buzzing with Chinese and Singaporeans buyers.
But to the British people, there is off course, that big question, on how to pull the UK economy out of the slump it is in.
Well, one proven way, is to spur SMEs business activities. And in the UK there is a large migrant Asian population base. That large Asian population in the UK, many of them, have roots in Asia, where the economic prospect in Asia is still bright.
- The following is from the Leicester Mercury
Bank to help Asian firms
Thursday, December 20, 2012
A new bank set up to help small businesses in Leicestershire has become a corporate member of the Leicestershire Asian Business Association.
Cambridge & Counties Bank, which opened in Leicester’s New Walk this summer, aims to lend tens of millions of pounds to small local firms, who might struggle to secure funds from high street lenders.
LABA’s president, Jaspal Singh Minhas, said he was delighted the bank would be supporting its member businesses.
He said: “British Asian businesses have had tough times in dealing with the high street banks in the recession, even though as a community we gave all of them solid custom.”
The bank’s business development manager Simon Lindley said: “The Asian business community is an important customer base for us.”
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