Massive Help for SMEs Announced

Alyn and Deeside MP Mark Tami has welcomed a massive package of support for small and medium sized enterprises.

The Government has announced a package of measures designed to address the cash flow, credit and investment needs of small and medium businesses.

The support package, which builds upon the commitments outlined in November’s Pre Budget Report, consists of loan guarantees and a new Enterprise Fund aimed at helping companies struggling to access finance for working capital and investment.

The Government measures include a £10bn Working Capital Scheme, securing up to £20bn of short term bank lending to companies with a turnover of up to £500m.

It will also include an Enterprise Finance Guarantee Scheme, securing up to £1.3bn of additional bank loans to small firms with a turnover of up to £25m, as well as a £75m Capital for Enterprise Fund to invest in small businesses which need equity.

Mr Tami said: “The primary cause of concern among businesses I have been speaking with is access to credit.

“It is vital that every level of Government acts swiftly and decisively to assist businesses. We cannot sit on out hands or allow ourselves to be complacent at a time that calls for intervention and action.”