Plans have been announced which are set to benefit five million SMES across the UK.
With over 60% of the UK’s employment being provided by small businesses, the government wants to increase opportunities for staff expansion plans. Therefore it has decided to implement a tri-pronged scheme, aimed at backing small businesses.
There will be three major elements to the government’s plans, which include improving access to finance. This will not just be through conventional bank facilities however.
The current Enterprise Finance Guarantee scheme will now continue for at least the next four years, taking it through to 2015/2016. £2 billion of funds will be available, through eligible funders including Skipton Business Finance, to businesses who are start-ups or do not have a long credit history.
The plans will also look to improve accessibility for small businesses to dealing with the public sector. This will give SMEs more chance to win highly-valued and lucrative Government contracts, as now a minimum of 25% of contracts must be awarded to SMEs.
In the third major element of the government’s plans, tenants in social housing will be encouraged to apply for funds through the EFG scheme, to ensure people living in disadvantaged areas will have the chance to follow through entrepreneurial spirit.
An EFG loan with Skipton Business Finance
Here at SBF, we are one of the eligible lenders able to provide funds through the government’s EFG scheme.
Have you been turned down for a bank loan or overdraft in the past due to a short credit history or because you are a new start-up?
Why not contact Skipton Business Finance today, to see if we could provide you with the welcome finance you need to take your business forward.