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20/02/2009
Government Guaranteeing More Than £1m Loans A Day
Business Secretary Lord Mandelson today highlighted the success of a Government loan guarantee scheme after more than £1m of loans a day were underwritten to companies during the first few days.
Since the launch of the Enterprise Finance Guarantee five weeks ago, some 400 loans worth more than £40 million have already been offered and are being processed, he announced.
Demand and awareness of the scheme continues to grow steadily with the launch in January, with £14 million in loans processed in the past week alone.
The scheme is on course to guarantee an additional £1.3bn of lending to smaller firms over the year.
Lord Mandelson said: "These figures show the Enterprise Finance Guarantee is already making a difference to businesses. This targeted support is already helping hundreds of firms which would not have been able to secure finance without a government guarantee.
"Inevitably it takes time for schemes to take effect but the amount already lent, in only a matter of weeks, is good news for business.
"We will continue to work with banks to ensure individual branches are offering the guarantee and will continue to promote the scheme to small businesses across the country."
However, he warned the scheme was not a government grant or bail-out and was firmly targeted at fundamentally viable businesses which may be struggling in the short term, but which ultimately will be able to repay their loans.
The Government also announced it had started a "mystery shopping" exercise to test that frontline bank staff around the UK are receiving the information they need to promote the guarantee to viable customers.
New figures showed the Government's 'Real Help For Business' webpage - part of the national campaign to promote the schemes - received more than 77,000 hits in the first two weeks.
In additional, around 30,000 businesses have also benefited from a business link "health check" which helps firms identify potential problems and find the best ways to remain resilient through the downturn.
(JM/BMcC)
Since the launch of the Enterprise Finance Guarantee five weeks ago, some 400 loans worth more than £40 million have already been offered and are being processed, he announced.
Demand and awareness of the scheme continues to grow steadily with the launch in January, with £14 million in loans processed in the past week alone.
The scheme is on course to guarantee an additional £1.3bn of lending to smaller firms over the year.
Lord Mandelson said: "These figures show the Enterprise Finance Guarantee is already making a difference to businesses. This targeted support is already helping hundreds of firms which would not have been able to secure finance without a government guarantee.
"Inevitably it takes time for schemes to take effect but the amount already lent, in only a matter of weeks, is good news for business.
"We will continue to work with banks to ensure individual branches are offering the guarantee and will continue to promote the scheme to small businesses across the country."
However, he warned the scheme was not a government grant or bail-out and was firmly targeted at fundamentally viable businesses which may be struggling in the short term, but which ultimately will be able to repay their loans.
The Government also announced it had started a "mystery shopping" exercise to test that frontline bank staff around the UK are receiving the information they need to promote the guarantee to viable customers.
New figures showed the Government's 'Real Help For Business' webpage - part of the national campaign to promote the schemes - received more than 77,000 hits in the first two weeks.
In additional, around 30,000 businesses have also benefited from a business link "health check" which helps firms identify potential problems and find the best ways to remain resilient through the downturn.
(JM/BMcC)
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