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(see transition and closure section).
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RDA welcomes package of measures to help business
14 January 2009
Business Secretary Lord Mandelson has today (January 14)
unveiled a package of measures designed to address the cash flow,
credit and investment needs of small and medium businesses.
In the South West, figures from Business Link and survey
evidence from the South West RDA show that cash flow management is
top of the agenda for small businesses. Nearly half of businesses
(45 per cent) state that access to finance is an important
consideration for competitiveness.
John Savage, chief executive of Business West GWE and South West
RDA board member, said:
"While many businesses are feeling the pinch, there are a good
number which would like to see their businesses expand over the
next 12 months. It is crucial that these companies are given the
means to fulfil their ambitions in preparation for economic
recovery.
"We all know too well the problems relating to accessing finance
in recent months. The measures announced today will allow sound,
creditworthy companies the opportunity to access the upfront funds
they need to enable them to grow their business or enhance the
services they offer to customers."
The Government measures include:
- A £10bn Working Capital Scheme, securing up to £20bn of short
term bank lending to companies with a turnover of up to £500m
- An Enterprise Finance Guarantee Scheme, securing up to £1.3bn
of additional bank loans to small firms with a turnover of up to
£25m
- A £75m Capital for Enterprise Fund (£50m from Government
augmented by £25m from the banks) to invest in small businesses
which need equity
More information on the support available and an interactive
tool which businesses can use to find out if they are eligible for
one of the Government guaranteed lending schemes can be found by
visiting www.businesslink.gov.uk. For
more information on the support the Government is offering
businesses to help them through the economic downturn visit
www.berr.gov.uk.
Ends
For media enquiries only, contact Ben Murch at Spirit Public
Relations on 0117 944 1415 or email bmurch@spiritpublicrelations.co.uk
Notes to Editors
1) The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It is
helping companies respond to the economic crisis and charts a
course for recovery. The RDA is developing or expanding initiatives
which include: establishing a Business Loan Fund; coordinating the
response to large companies in difficulty; preparing for economic
recovery.
Contact Details
Name Ben Murch
Tel 0117 944 1415
Email bmurch@spiritpublicrelations.co.uk