SMALL firms across Kirklees could benefit from a £300m lending boost – but they are in for a wait, it is claimed.

News that small businesses have been handed a £300m lending boost by the Government will be welcomed by many SMES – but it won’t be a quick fix, according to a local tax specialist.

The money, the first of £1bn promised by Business Secretary Vince Cable as part of the new Business Bank, is set to help improve access to finance for small businesses.

Nick Brook (pictured), who runs TaxAssist Accountants in Lockwood, said: “In a recent survey of small businesses we conducted, we found that access to funding was a top priority.

“Whilst it is great news that the long-awaited Business Bank is finally getting off the ground, the first loans won’t be made available until the autumn at the earliest.”

The Business Bank will not directly lend to small businesses, but will bring together existing SME finance schemes, give advice on suitable facilities and provide cheap wholesale finance for alternative lenders.