Business Secretary Lord Mandelson today welcomed the success of the Government' Enterprise Finance Guarantee with more than 1,300 eligible loans worth almost £145 million being processed through the scheme.
Lord Mandelson added that as awareness grew the value of eligible loans had increased ten-fold, from less than £3 million in week one to around £30 million a week recently. The EFG delivery update was discussed at the latest meeting of the Small Business Finance Forum.
Lord Mandelson said:
"These figures are good news, showing the Enterprise Finance Guarantee is providing real help to businesses. The scheme has taken off since its launch in January with registered lenders now seeing a ten-fold increase in loan demand.
"However, we must continue to work with all 26 lenders signed up to the scheme to ensure frontline staff are offering it where appropriate to small companies across the country."
Lord Mandelson also unveiled the key findings of the Department's first "mystery shopper" exercise which tested lenders on staff awareness, understanding and promotion of EFG.
The results revealed that three-quarters of business advisers had a detailed awareness and understanding of the EFG's features and its role.
The top four lenders agreed to use the results to increase awareness amongst frontlin
e staff.
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