EEFG Has Helped 5 Firms. Not A Good Record

According to The Guardian, the much maligned Export Enterprise Finance Guarantee (EEFG) scheme has been heavily criticised for helping a mere five firms since it opened last April. It was designed to help small businesses secure loans by providing lenders with a guarantee for 60% of the loan, while the firm pays 3% upfront.

Shadow Business Secretary Chuka Umunna said it was worrying that the EEFG had been taken up by so few firms. This criticism follows a recent review of the Regional Growth Fund by the National Audit Office (NAO), which revealed that relatively few jobs had been created for the sums invested in projects.

Scource: The Guardian

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