Small businesses appear to be shunning the government’s finance scheme aimed at helping them weather the recession, new research suggests.
A survey by financial adviser Clifton Asset Management found that nearly a third of small business owner-managers had never heard of the Enterprise Finance Guarantee (EFG) scheme, while of those that had, 93% saw ‘little point’ in applying for it.
The EFG scheme was introduced in January to secure bank lending to businesses with a turnover of up to £25m.
Under the scheme, successful applicants could get loans of up to £1m but out of the small percentage of businesses who applied for EFG help, the survey found that only 1% was granted funding.
Read more: http://www.accountancymagazine.com/croner/jsp/Editorial.do?channelId=-305535&contentId=1337608
Source: http://www.accountancymagazine.com
www.ukba.co.uk
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
as a small business owner myself. these figures look un-surprising.
I really do feel that small businesses are out there with little or no support from the government.
too many government employees have no idea of what it takes to run a business. and by the time i went through the inevitable paperwork it would be past when a loan would be of use.
As a service business whose main asset is people, how you demonstrate security for the government £ is another challenge without offering your firstborn...
My time is better spent generating proper business income and accepting that we have to help ourselves. rather than believing the hype that the government is really here to help.
bah!
Post a Comment