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Darling announces increase in small firms loan guarantee scheme

Mar 12 2008

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The chancellor has announced that he will be expanding the small firms loan guarantee scheme.
Funding for the scheme will be increased by around £60 million over the coming year.

Chairman of the Federation of Small Businesses John Wright says the organisation 'supports' the expansion of the programme but says 'these plans will need to be backed up with real action'.

The small firms loan guarantee scheme is intended to help small business who have been finding it difficult to secure credit.

Under the scheme, the government acts as guarantor to lenders for firms with a viable business plan but without assets to offer as security.

Loans taken out under the programme can range in value up to £250,000 with the government guaranteeing 75 per cent of the loan.

Businesses taking out a loan under the scheme are liable to pay a two per cent premium to the Department for Business, Enterprise and Regulatory Reform.

Comments [1]

Comment by Daniel Antelo

Thursday 13th March 2008

great article thanks

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