The UK’s Finance & Leasing Association (FLA) believes the UK
government’s Enterprise Finance Guarantee scheme (EFG) needs to
include asset finance for it to be effective.
Last week, the Business and Enterprise Committee published its
report on the scheme, but according to Julian Rose, head of asset
finance at the FLA, the scheme does not go far enough to help small
businesses.
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“If the scheme is to make a significant difference to businesses
that need the most help, the EFG must be extended to include asset
finance,” he said.
“Small businesses are increasingly concerned about cash flow,
and demand for access to credit for SMEs is set to increase as
firms are no longer able to survive without new finance. Our
economic recovery depends on schemes, such as the EFG, giving small
businesses a range of finance options – including asset
finance.”
Demonstrating the importance of including asset finance in the
scheme, Rose added that last year, the industry provided 750,000
SMEs with £15 billion (€17.4 billion) worth of asset finance.
Jason T Hesse
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