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Nov 22nd
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News Business News Small Firms Loan Guarantee Scheme opens to more businesses
News Business News Small Firms Loan Guarantee Scheme opens to more businesses | Small Firms Loan Guarantee Scheme opens to more businesses |
 Banks are starting to restrict their lending as the credit crunch takes hold in the money markets. Alistair Darling used his first Budget to intervene in the market and ensure that small, growing firms can continue to access funding.
More finance for growthThe Chancellor gave banks another £60m to lend to small firms under the Government-backed Small Firms Loan Guarantee Scheme (SFLG) which is available to businesses through high street lenders. The changes will stimulate a wider range of businesses to access debt finance for growth - with the added attraction of a government guarantee in place of collateral. Also announced in the Budget For women - a new £12.5m capital fund to support new schemes to support women’s enterprise. For investors - an increase in the Enterprise Investment Scheme's investor limit from £400,000 to £500,000 in any one tax year (subject to EU State Aid approval), and a consultation on how best to simplify operation of the scheme. For employees - an increase in the value of share options an individual can hold under the Enterprise Management Incentive scheme, from £100,000 to £120,000. Government procurement for small firms – a goal set for SMEs to win 30 per cent of all public sector business in the next five years: |
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