Britain’s high-street banking giants have combined to create a mentoring scheme specifically aimed at new and growing companies.
The scheme, run by the ‘big five’ banks - Barclays, HSBC, Lloyds, RBS and Santander – will provide tailored advice for new and growing firms, from experienced banking professionals.
So far, the scheme’s managers have recruited more than 200 volunteers, either current or retired bank staff, to act as mentors. Their advice will cover a plethora of issues pertaining to small businesses, such as finance and HR.
Mark Prisk, the business minister, intends to engage more than 35,000 volunteer mentors over the next 12 months. These will be drawn from trade associations and charities, as well as the established commercial lenders.
Small firms interested in receiving specialist advice through the scheme will be able to locate their nearest mentor usinga dedicated website, www.mentorsme.co.uk – which will also provide guidance for banking professionals thinking about becoming mentors.
Speaking about the potential of the new scheme, business minister Mark Prisk said:
“From my own experiences, running a small business I know how valuable insight can be from people who have done it all before.
“Small business owners have repeatedly told us that the support they value most comes from other experienced business people. For the first time in the UK, there will be a single, cohesive network of mentoring provision.”
Further optimism came from Dragons’ Den star James Caan, who added:
“When you are running a business, advice from an experienced and successful business mentor is invaluable.
“It’s wholly important to get advice and support from a mentor who is an expert in their field as they will have already experienced the challenges you are facing. By imparting their wisdom they will probably save you time, money and a little heartache.”