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Accountants Welcome New Government Help for Businesses

January 2009

Sutton Coldfield accountants Weatherer Bailey Bragg LLP have welcomed a new package of government measures designed to give small and medium-sized businesses a financial boost.

The package, announced by Business Secretary Lord Mandelson on 14 January, includes:

  • a £10 billion Working Capital Scheme, securing up to £20 billion of short-term bank lending to companies with a turnover of up to £500 million. The government hopes the first £1 billion tranche of the scheme will be operational by 1 March.
  • an Enterprise Finance Guarantee Scheme, securing up to £1.3 billion of additional bank loans to small firms with a turnover of up to £25 million. The guarantee, available through high street banks, will apply to loans and can also be used to convert existing overdrafts into loans to enable businesses to free up current overdraft facilities to meet working capital demands.
  • a £75 million Capital for Enterprise Fund, made up of £50 million from government plus £25m from the banks, to invest in small enterprises that need equity but have exhausted traditional forms of finance to invest in their business.

Richard Miner, partner at Weatherer Bailey Bragg, said: “As accountants and business advisers, we are keenly aware of the challenges currently facing our business clients and have been working closely with them to help weather the economic storms. We welcome the government’s initiative and look forward to seeing this new money making a difference to businesses. As approved suppliers to Business Link, there may also be other ways in which we can help local companies plan for the future and we urge them to contact us.”

A new web portal, to direct companies to the most appropriate form of financial support and help them check their eligibility for a range of government aid, is available at www.businesslink.gov.uk/realhelp/finance.