Peter Mandelson has declared the Enterprise Finance Guarantee (EFG) scheme a success after it was revealed 1,300 loans worth almost £145 million are currently being processed through it.
The scheme was first announced in January and is designed to stimulate commercial lending. This had been heavily truncated as high-street banks recoiled from heavy declines in profits and stepped back to lick their wounds. It involves £1bn with which the government is acting as guarantor for 75% of loans of up to £1m. This…
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