Finance Corporation for Industry
From Graces Guide
1945 January: the Government, recognising the problems of financing business first highlighted in 1931 in the Macmillan report, announced plans to establish 2 new financial organisations, one for large-scale industrial finance, Finance Corporation for Industry, the other for financing of small businesses - the latter was called Industrial and Commercial Finance Corporation[1]
1945 May: The Organisation was formed by the banks and insurance companies to assist in financing British industry. Announcement of first board of directors, which included no representatives of banks as they wanted the new organisation to be independent but operate on commercial lines[2]
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