It’s good news for the small business community after a team of City financiers announced plans to launch a bank which will lend exclusively to small firms.

A recent edition of The Sunday Times revealed that the British Enterprise Bank, or BEB, hopes to launch early next year. First though, they will try to raise £100m over the next eight-weeks.

Former banker Jono Shorrock is one of the people behind the idea and said: “The plan is to build a bank that will actually lend to small, viable companies. Small businesses employ the most people in recoveries and this bank will help us out of the downturn.”

BEB will work by allowing the public to bank with them in the knowledge that doing so will help the small business community get their hands on some much needed finance.

With traditional high street banks being so reluctant to lend to small firms, one which actually does lend couldn’t come soon enough.