Our other sites
Today's newsletter | Register | Subscribe | Feedback

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.


Comment on this article.

[ Back ]



TOOLBOX

ALSO IN THIS SECTION
MOST POPULAR STORIES
Site Index [ + ]
Site Index [ - ]
Home:  PRW.com | Contact editorial | Contact advertising | Features List 2015 | About us
End Markets:  Automotive | Packaging | Construction | Medical | Consumer Products | Rubber
Processes:  Injection moulding | Blow moulding | Extrusion | Thermoforming
Supplier News:  Machinery | Materials | Recycling | Moulds | Design
Polymer Prices:  LME prices | Market outlooks | Resin selector
Industry Issues:  Environment | Regulation Competitiveness
Plastics Knowledge:  Knowledge Bank
Comment:  Champ Chat | Editorials | Business features
People:  Movers & Shakers
PRW Business Directory:  Directory
Classifieds:  Jobs | Classifieds
View:  Mobile | Desktop
Our Events:  PDM | Conferences
Industry Awards:  Industry Awards
Diary: Diary
Advertise with PRW
Subscribe:  PRW print | E-mail products
Reprints:  Reprints
List Rental:  List Rental
Crain Communications:  Crain Communications | Crain Publications

Entire contents copyright 2014 by Crain Communications Inc.
Plastics & Rubber Weekly and PRW.com are published by Crain Communications Ltd (registered in England & Wales No. 01576350).
Registered Office: 100 New Bridge Street, London, EC4V 6JA, United Kingdom.