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February 25, 2007

Small Business Loan Takes A Dive

Loans to small businesses backed by the government's flagship Small Firms Loan Guarantee Scheme (SFLG) almost halved during the past year, following controversial reforms.

Department of Trade and Industry figures, obtained by the Financial Times, showed that the government underwrote SFLG bank loans worth just £225m to enterprise during 2006, compared with £422 in 2005-06 and £418m in 2004-05.

A new rule preventing companies that are more than five years old from qualifying from SFLG support was among a number of changes introduced in December 2005 to make the SFLG easier to use.

Mike Cherry, chairman of the financial affairs committee at the Federation of Small Businesses, said the five year rule was a backward step.

David
Small Business Resource

Posted by David at February 25, 2007 7:53 PM

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