Business: Government Assistance

Business, Innovation and Skills written question – answered at on 22 March 2011.

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Photo of Anna Soubry Anna Soubry Conservative, Broxtowe

To ask the Secretary of State for Business, Innovation and Skills what steps he is taking to ensure that small and medium-sized businesses are (a) aware of and (b) have access to financial support measures provided by his Department.

Photo of Mark Prisk Mark Prisk The Minister of State, Department for Business, Innovation and Skills

The Business Link website is the primary channel to provide businesses with information regarding the Government's financial support measures for small and medium-sized businesses, such as the Enterprise Finance Guarantee Scheme (EFG), Enterprise Capital Funds, grants, and regional support, along with a range of practical guides and advice on how to access finance and business support.

The Enterprise Finance Guarantee is available to unlock lending to viable SMEs who lack sufficient collateral or financial track record to access a normal commercial loan. Front line staff at the 44 accredited EFG lenders (including the major retail banks) are offered information and training on EFG and will offer viable businesses an EFG backed loan if the business is not suitable for a normal commercial loan.

Businesses seek venture capital funding through a number of referral channels including their accountants and business support intermediaries who have relationships with fund managers. A key feature of the publicly supported investment readiness programmes is that they support the referral of suitable SMEs to potential investors (in particular business angels and their networks, and regional venture capital funds).

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