FUNDING Options has said that more needs to be done to improve small businesses’ awareness of finance options in the lead-up to Brexit.
It comes as the value of bank loans being offered to small- and medium-sized enterprises (SMEs) through the government’s flagship Enterprise Finance Guarantee (EFG) scheme hit a record low last year.
The business finance aggregator said on Monday that smaller firms should be made more aware of schemes such as EFG and other alternative finance options available.
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“The EFG was a successful concept when it was launched but it is now having less and less of an impact,” Conrad Ford, chief executive of Funding Options, said.
“The EFG was a saviour of many small businesses during the last credit crunch. Brexit represents a fantastic opportunity for this great scheme to come into its own once again and ensure that shortfalls in cash flows and gaps in lending can be covered up”
“Brexit may go off without a hitch but if not, it would be sensible to line up emergency funding for small businesses.”
“It would be great to see more small businesses aware of the benefits of EFG funding can bring.”