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Government scheme 'benefits UK economy to the tune of £1.1bn'

By PRW Staff
Posted 19 February 2013

The government has claimed its scheme to help small businesses get hold of funding has delivered a net benefit to the UK economy of £1.1bn.

Business minister Michael Fallon said that every £1 invested by the government delivered £33.50 for the UK economy.

Fallon called on the country’s banks to increase their lending through the government’s Enterprise Finance Guarantee (EFG) scheme, which he said independent research found had helped more than 10,000 firms access £1.04bn of loans since May 2010.

The scheme is said to have created 6,500 jobs and saved more than 13,000 positions since its introduction.

Fallon said he wanted to see banks making more use of the EFG scheme.

“This latest research shows that the EFG is helping precisely those businesses who can’t get finance elsewhere. It is getting money to where it is needed, saving jobs, and delivering a huge benefit for the wider economy.

“Clearly the demand is there for this type of financial support so we must start to see an increase in take-up.

“I have already begun publishing EFG lending by each individual bank, because businesses should know which bank they are best off approaching and I will continue holding the banks to account until lending levels improve,” he added.

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