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This article appeared in the York Press on Thursday 11 February 2010

Guaranteed solution to finance for small firms

Jeremy Oliver, Corporate Finance Director

Smaller businesses in York and North East Yorkshire are being urged to take advantage of the Government’s Enterprise Finance Guarantee.

Experts at York chartered accountancy firm Garbutt & Elliott believe the guarantee, which has been extended for a further 12 months, could prove the answer for the region’s small and medium-sized enterprises (SMEs) facing problems getting finance.

The plea to consider using the guarantee (EFG) comes as Garbutt & Elliott plans its next Access to Finance workshop where attendees receive the firm’s fact sheets at its York office, Arabesque House, Monks Cross Drive, Huntington at 5.30pm on February 23.

Jeremy Oliver, pictured, the firm’s corporate finance director said: “As the country moves slowly out of recession, many smaller businesses will be looking to expand to take advantage of the improving economic conditions and new opportunities.

“The Chancellor has recognised this and has announced that the Enterprise Finance Guarantee will be continued for an extra 12 months, enabling £500 million of additional bank lending to SMEs between April this year and March 2011”.

The Enterprise Finance Guarantee, a £1.3 billion loan guarantee scheme, was launched in January 2009.  It is aimed at helping bank lending to viable SMEs with no, or insufficient security.

It is aimed at businesses which do not have sufficient security and at businesses that can ultimately repay the loan in full.

Anyone wanting to attend the Access to Finance workshop should phone Rebecca Green on 01904 464100