It’s designed to help UK businesses invest in manufacturing, technology and development.

Alison Rose, head of commercial and private banking said that SMEs were the lifeblood of the economy and said ‘there is more that can be done to support them.’

Ms Rose said the bank had changed its culture since the financial crisis and was ‘deeply sorry’ for the way restructuring banks mistreated thousands of small firms.

‘Our business customers tell us they don’t always have the time or headspace to plan effectively for the future, which is contributing to low levels of productivity and slow business growth,’ Rose said.

The news comes as small business owners 2015/2016 global entrepreneurship report published by Babson College, over half of businesses fold within five years because of a lack of funding and profits.

Further reading on SMEs

SMEs don’t trust small business commissioner to strengthen business

Useful link: – Looking for funding? Find the right finance for your business here