The Business Secretary, Lord Mandelson, is welcoming the so far success of the Government Enterprise Finance Scheme which offers over 1,300 eligible loans that are collectively worth more than £145 million to be processed through the scheme.

The Business Secretary also said that the awareness of the value of the eligible loans available has already increased  by at least 10 times. It is thought that less than £3 million was used in the first week of the scheme, but more recently, this has increased to around about £30 million each week. This delivery update was discussed at the most recent meeting at the Small Business Finance Forum.

‘Providing Real Help to Businesses’

Lord Mandelson has said the following about the schemes success: “These figures are good news, showing the Enterprise Finance Guarantee is providing real help to businesses. The scheme has taken off since its launch in January with registered lenders now seeing a ten-fold increase in loan demand.”

He also added that: “However, we must continue to work with all 26 lenders signed up to the scheme to ensure frontline staff are offering it where appropriate to small companies across the country.”

The key findings of the departments ‘mystery shopper’ have also been unveiled. This exercise set out to test lenders on areas like: staff awareness; understanding; and promotion of EFG.

The results showed that three in every four business advisers had a detailed awareness and understanding of how the EFG works and what it offers.

The top four lenders according to the ‘mystery shopper’ results, have agreed to let their results be published in order to increase awareness of the EFG group and what it has to offer amongst frontline staff.

 

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