£20 billion worth of loans Labour to guarantee for small UK businesses
14/01/09
The UK Government plans to help out small businesses by guaranteeing loans to them. The aim is to help small businesses in the attempt to increase the amount of credit available to them. Small companies who have fifty employees or less will be able to benefit from such loans. It is thought that around the region of £20 billion worth of loans will be backed by ministers in the UK.
A similar plan to guarantee loans to small businesses has been suggested by the Conservatives.
The shadow Chancellor George Osborne commented, “The Conservative party has been suggesting this for two months. The dither and delay of government has cost the jobs of many people because firms have gone bust. The government must now get on and implement the Conservative idea.”
Under the new scheme which is thought to be communicated anytime, it is thought that anything up to ninety-five per-cent of a company’s loan could be guaranteed by the Government.
