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Guaranteed Loans To Small Firms Fall By 42% In A Year

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A flagship government scheme aimed at boosting lending to small businesses is failing, a report suggests. Lending under the Enterprise Finance Guarantee (EFG) has plummeted by 42 per cent in the past year, according to the financial services group Syscap.

The value of loans offered under the scheme fell to £433m in the 12 months to the end of June, down from £742m in the previous 12-month period.

Syscap pointed out that in the most recent quarter, between April and June, just £93.1m of loans were offered to small businesses under the EFG scheme, down from a peak of £254.9m in the same quarter of 2009. If the trend continues, the Government will fall short of its target of reaching £600m allocated for additional lending under the scheme between 1 April 2011 and 31 March 2012.

Philip White, the chief executive of Syscap, said: "With economic performance in the past two quarters looking lacklustre and the ongoing eurozone crisis continuing to erode business confidence, an expansion of lending under the EFG scheme is urgently needed to help put the economy and job-creation firmly back on the growth track."

Yes clearly more debt to help resolve a debt crisis is needed.

Shocking that businesses don't want to borrow it's as if there's no demand for products...

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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