British Business Bank

Number of Small Businesses Granted Government Loans at All-Time Low

Number of Small Businesses Granted Government Loans at All-Time Low

The number of small businesses being granted loans via the government’s Enterprise Finance Guarantee (EFG) scheme has fallen to an all-time low, according to a report by Boost Capital. Figures from the British Business Bank show that just 446 companies were granted a loan to a total value of £55.7m in the last quarter of 2015. This compares to 2,030 loans drawn between April and June 2009 – at its peak – at a value of £201.6m. Only 1, 835 small businesses received EFG-backed loans during the whole of 2015. The scheme, which sees the government act a guarantor to small and medium business loans, will be extended until at least 2018 following last week’s budget announcement. Alex Littner, managing director at Boost Capital, said: “The budget was positioned with small businesses at its ... »

Call for More Small Business Support As UK Productivity Flatlines

Call for More Small Business Support As UK Productivity Flatlines

Increasing support for small and medium business exports and innovation could be the answer to Britain’s low productivity levels, research by the Enterprise Research Centre (ERC) and the British Business Bank (BBB) has found. According to the report, entitled Unlocking UK Productivity, if an estimated 110,000 small and medium-sized firms had the support to expand overseas they could add £1.15bn in Gross Value Added (GVA) to the economy. The findings from the report follow recent news about Britain’s ‘productivity gap’; whereby Britain’s productivity levels have almost ceased to grow since 2008 causing the UK to fall 6% behind other G8 economies. The government published a 15-point plan in July to try to tackle the productivity issue, however, the ERC’s report said boosting small businesses... »