The head of of one of Sheffield’s biggest law firms has said news that the British Business Bank will be based in the city will be a huge boost for the economy and its growing reputation as a financial centre.
Paul Firth, Irwin Mitchell regional managing partner and chairman of Creative Sheffield, the council’s economic development agency, said: “It’s an important development for the city which highlights its increasing reputation as a business and commercial centre with an impressive and growing skills base.
“As a firm we have always recognised the hugely important role that innovation and entrepreneurs have to play in helping redevelop our economy, particularly as it continues to emerge from what has undoubtedly been a difficult few years.
“Ensuring that businesses are able to achieve their ambitions relies on the provision of top-quality support, whether that be the financial boost which we are hopeful the Business Bank will provide or highly relevant commercial advice.
“Basing the initiative in Sheffield is not only a sign of the city’s growing standing, but also an indication that the Government increasingly recognises that major innovation and development should not be restricted to London and the south-east.
“Yorkshire is home to a huge pool of talent and we hope that this fantastic news will provide business with exactly what it needs to make the next step forward in development and growth.”
The British Business Bank will have more than £1billion to lend to SMEs through partners. It will be fully operational in the autumn.