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Grant Funding Scheme Turns Down 99 Per Cent of Applicants

Grant Funding Scheme Turns Down 99 Per Cent of Applicants

As few as one per cent of small firms that have applied for funding through the Government’s Enterprise Finance Guarantee (EFG) scheme have received help, according to a survey by financial adviser Clifton Asset Management (CAM). The survey of 1,000 small businesses also found that just 68 per cent had heard of the scheme – and almost all of these (93 per cent) did not think it would be worth applying for because the application criteria is so tight. The EFG scheme was announced in January this year, and is a Government initiative supporting up to £1.3 billion of new lending to viable businesses with a turnover of up to £25 million. Under the terms of the scheme, banks are advised to lend to businesses that they would be happy to lend to commercially, regardless of ... »