PracticeAccounting FirmsBrown extends help to small companies

Brown extends help to small companies

Chancellor Gordon Brown has announced plans to privatise the operation of the Small Firms Loan Guarantees Scheme, with the maximum advance being increased from £100,000 to £250,000.

Link: Extension to small firm loan guarantees

Brown said the scheme will be administered by an independent company at arms length from the government.

The new loan ceiling will apply to firms less than three years old with turnovers less than £5.6m.

Brown said that based on a successful US model, he is also piloting enterprise capital funds that could invest up to £2m in small businesses.

He said the scheme will help twice as many companies and claimed in the Commons that ‘the range of support available to small businesses starting up is greater than at any time in our history’.

He said the loan administration company would make independent decisions ‘free of interference from the Department of Trade and Industry’.

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

5d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman