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July 2010

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RAISING FINANCE - 06.07.2010

Extra £500 million for small business funding

Giving more credit. Last year, in a bid to help smaller companies secure much-needed funding, the government introduced its Enterprise Finance Guarantee (EFG) scheme. We told you how it works and explained the application process in a previous article (yr.10, iss.19, pg.3, see The next step). The EFG was due to be wound-up this year, but in his recent Emergency Budget, the Chancellor announced that it will now be extended until March 31 2011. Plus, the size of the fund will be increased from £200 million to £700 million. The EFG isn’t perfect - this is mainly due to how it’s administered - but if you meet the lending criteria, it can be a valuable source of funding.

Tip. The Chancellor also announced plans for a new Enterprise Capital Fund. It will be aimed at small businesses with high-growth potential that are unable to secure investment. Full details have yet to be announced, but we’ll bring you more news as soon as we have it.

For a link to the previous article, visit http://companydirector.indicator.co.uk (CD 11.20.08).

The help available to small companies via the Enterprise Finance Guarantee scheme has risen to £700 million and will now run until March 31 2011. It’s certainly worth exploring if you need a source of funding.