Over £500m of Government-Backed Loans Boosts Business Prospects
printing firms to lighting groups have improved their business
prospects after benefitting from more than half a billion pounds of
Government-backed loans, Small Business Minister Lord Davies
More than £580m in loans has been drawn down by more than 5,840
businesses under the Enterprise Finance Guarantee (EFG), and
is already being used to boost cash flow and help companies invest
in new staff and equipment. Loans totalling around £720m have been
offered to businesses.
The announcement came as the Department for Business published a
report into the effectiveness of the scheme.
The early stage assessment of EFG showed 94 per cent of respondents
said their business prospects had improved following
receipt of the loan, and 84 per cent reported EFG had helped their
prospects of survival. Almost all EFG recipients felt that they
wouldn’t have been able to achieve the same business outcomes at the
same speed or scale, if at all, without EFG.
Trade, Investment and Small Business Minister Lord Davies said:-
“These impressive results show the Government is providing real
help to businesses when they need it, helping to secure jobs and
give businesses the capital they need to invest and grow. The
Enterprise Finance Guarantee has been welcomed by business and,
following its recent extension, it will continue to play a vital
role in encouraging enterprise and investment and driving
productivity and growth throughout the UK economy.”
Other benefits included:-
· Improved cash flow
· The introduction of new products or processes
· Using EFG as a platform for businesses growth
. Around 60% said the funding helped to create jobs at their
business, either already or anticipated at some point in the future
· 57% of the respondents reported they had saved jobs, all
attributed to EFG.
According to the 385 respondent businesses, some 1,870 jobs have
been saved, 350 jobs have already been created and a further 550 new
jobs are expected in the future, due to receiving EFG-backed
Scaling up this sample to the entire population of firms offered EFG-backed
loans up to the start of October, suggests EFG could have already
been responsible for saving and creating an estimated 31,600 jobs,
with potentially around a further 8,400 jobs to be saved or created
in the future.
As of 18 December, more than £1.04bn of eligible applications from
over 9,200 firms have been granted, are being processed or assessed.
More than 7,100 businesses have been offered loans totalling nearly
£717m. This is lending that would not have otherwise taken place.
At Pre-Budget Report, the Chancellor announced EFG would continue
for another year. The decision will enable up to £500m of
additional bank lending between 1 April 2010 and 31 March 2011 to
companies which lack the collateral to get a normal commercial loan.
It is available for viable firms with an annual turnover of up to
£25m, looking for loans of up to £1m for a period of up to 10 years.
Chief Secretary to the Treasury Liam Byrne said:- “Complacency
is the biggest threat to the recovery and Government needs to
continue to support the economy until recovery is locked in. By
extending the Enterprise Finance Guarantee for another twelve months
in the Pre-Budget Report, the Chancellor demonstrated the
Government's determination to continue supporting businesses.
Withdrawing that support would put the recovery at risk.”
WARNING ABOUT HOUSE
residents are reporting that a company selling alarms is contacting
them stating that they are giving a good deal
if the resident will buy a house alarm. The majority of companies
are genuine. It is however recommended that if you wish to purchase
a house alarm you get at least 3 quotes from various companies
and check the cost of their maintenance before you sign any
contract. Also check that they are SSAIB or NSI accredited.
top ten predictions for 2010
THESE are our
light hearted predictions for 2010. Lets see if they come
1. The general
election must be held before 3 June 3 2010. So our prediction is
that the biggest ever swing in popular opinion could deliver victory
to the Liberal Democrats...
2. The 2010 FIFA World Cup will see the England, on 12 June 2010,
lose to the United States...
3. After November 2010, the film adaptation of the final Harry
Potter film, the Deathly Hallows will hit all time box office
heights throughout the world, becoming the biggest film of 2010.
4. The Commonwealth Games will see only 70 of the expected 72
nations taking part in 17 disciplines.
5. The recession could end in 2010, but as the UK has languished in
the longest recession since modern records began, we think we will
only start to pull out in the third quarter of the tax year of 2010.
6. It will be a white Easter in 2010. There will be snow in the Home
7. Jedward will be back in the press many times over in 2010. That
is if David Hasselhof, who has huge power in the US media thanks to
his roles in the hit TV shows such as Baywatch and Knight Rider,
gets them into a show. So we think in 2010 that Jedward will be on
the TV and very likely on at the flicks next year... so expect a
tuneless New Year!
8. Firefighters will strike on Merseyside.
9. MySpace will hit the headlines again as it re-brands as a content
network, dropping the emphasis on social networking.
10. Liverpool One will overtake the Trafford Centre in Manchester as
the North West's premier shopping destination.
One extra for you all. On a lighter note, we think that Santa will
have to quit his job, as he will not pass a CRB check, because he is
unable provide a credible record of his birth.
So what are your predictions for 2010.
Let us know by emailing us to:-
been some incidents in the Southport area of men calling at the
homes of older residents. They have used various ploys to enter
either the property of the residents or conned them into thinking
they had been sent by a Residents' Association.
The house owner has then either been asked to part with more money
than was agreed with the men before they started an agreed task, or
have taken money from the property without the owner's consent.
The common factor in the majority of the incidents reported is the
bogus callers arrive in a white van. The police would be very
interested in the registration of this vehicle.
...TIPS ON PROTECTION FROM BOGUS CALLERS...
LOCK - keep your
front and back doors locked, even when at home.
STOP - Before you answer the door THINK are you expecting
CHECK - Have
you locked the back doors ? Look through the
spyhole or windows to see who it is.
CHAIN - If you decide to open the door, put the chain or bar
CHECK - If someone who looks official calls ask to see their
identity card. Check the photograph and the signature, close the
door while you check keeping the chain on. If they don't have an
identity card, do not let them in until you have checked and double
checked that the caller is genuine.
Some callers may say they were working next door when they spotted a
problem on your house, or they have come as arranged
with the Council to check the security of your house. Others that a
relative has arranged for work to be done on your garden such as
lopping off tree branches.
They may just ask for a drink of water or their rabbit has run into
your garden. All sound very genuine and plausible.
If you have any doubts KEEP THEM OUT.