The Enterprise Finance Guarantee (EFG) scheme, set up to help small firms access finance, has delivered a net benefit of ?1.1bn to the economy, according to new research.
A report on the EFG by researchers at Durham University said that the initiative has helped more than 10,000 businesses access loans worth a total of ?1.04bn since May 2010.
The scheme has created an additional 6,500 jobs, which is the equivalent to 1.84 jobs per recipient business. It has also saved 12,375 positions.
In addition, every ?1 invested by the Coalition delivers a benefit of ?33.50 to the economy.
Business minister Michael Fallon has called on banks to increase lending via the EFG.
He said, "EFG loans are delivered through the banks and I want to see them making more use of the scheme.
?This latest research shows that the EFG is helping precisely those businesses who can't get finance elsewhere.
?It is getting money to where it is needed, saving jobs and delivering a huge benefit for the wider economy.?
Fallon said that there is obvious demand for this type of financial support and revealed he has started publishing EFG lending by each individual bank so businesses will know which bank they are best off approaching.
By Kirsty Hewitt
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Source: http://www.enforbusiness.com/news/10000-firms-approved-enterprise-finance-guarantee-loans-20139552
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