Two schemes set up by the government to help small businesses through the recession have been extended, Alistair Darling has announced.
As predicted, the chancellor confirmed that the Enterprise Finance Guarantee (EFG) scheme, which provides lenders with a 75% government guarantee on individual loans to viable businesses with turnover of less than £25m, will be continued for a further 12 months from April 2010.
According to government figures, around 9,000 small businesses have received funding worth £1bn since the scheme's launch in January 2009. Ministers say a further £500m of additional bank lending to SMEs will be made available as a result of the EFG's extension.
Also extended is HM Revenue and Customs' 'Time To Pay' initiative which allows businesses facing financial difficulties to spread payments over an agreed timetable. Darling said the scheme will continue for "as long as is necessary".
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