D2N2 Local Enterprise Partnership Chief Executive David Ralph has welcomed the news the Bank of England plans to expand a lending scheme designed to help businesses and households.
The Funding for Lending Scheme (FLS), due to end in January 2014, will be extended for another year to 2015.
It means banks will be given greater incentives to lend to small and medium-sized businesses, and creditors other than banks will be able to participate.
Mr Ralph said: “We, as the LEP for the D2N2 area, welcome today’s news that the Bank of England is to extend its Funding for Lending Scheme.
“Anything that helps small and medium-sized businesses in Derbyshire and Nottinghamshire, encouraging them to build and move forward, is good news as we look to help grow the local economy.”