At the launch of the first phase of the Business Bank on 10th April Liberal Democrat Business Secretary, Vince Cable, [ pictured] said: “Small and medium-sized businesses are still telling me that access to finance is their number one problem, preventing them from investing and growing.That’s why, through the business bank, we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them. Today’s £300m boost shows we are serious about increasing competition and diversity in the business lending market. Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step.” Ministers said they expected the first transactions would take place by the autumn, although small and medium-sized enterprises (SMEs) were urged to submit an expression of interest by 22 May. This is the first slice of £1bn of new capital. The announcement was welcomed by the British Chambers of Commerce; the Federation of Small Businesses and the Confederation of British Industry