I have lost count of the number of times people working in our small businesses which includes the licensed trade , have told me they just can't get a loan. Often it's a small investment - maybe just £30,000 - that can get those businesses going, create the jobs, kick-start the innovation and growth that we need. But these are the very loans that you simply can't get without personal guarantees, like putting up your house - and even then the banks might say no. That's got to change - and The Government is going to use the Regional Growth Fund to help change it.

So Lord Heseltine has brokered a ground-breaking deal with RBS and HSBC where the government will provide £95 million of new Regional Growth Fund money for small and medium sized businesses (SMEs). These two banks will administer the scheme and provide new lending, unlocking a total of £500 million of new investment for SMEs.

By using high street banks like this support can be given to those SMEs that can't access commercial funding and we will help areas of our trade that other forms of business lending can't reach. It's a huge step forward and one that needs to be applauded.

Five facts on the economy over the past year

1. In the first nine months of this year, the UK economy has grown at the same speed as the US economy - despite their massive fiscal stimulus.

2. The private sector which includes the licensed and leisure industry has created over half a million extra jobs.

3. Our borrowing costs have fallen to record lows, showing that UK government debt is seen as a safe haven in the global debt storm and saving money for taxpayers, businesses and families.

4. Businesses have invested £91.4 billion across the economy including the licensed and leisure sector, up 9 per cent on the year before.

5. Britain's credit rating, which was put on negative outlook under Labour, has been restored to its previous highest possible level.