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90% of firms unsure over access to enterprise loan scheme

Nine out of ten British businesses do not know whether their bank offers the government's Enterprise Finance Guarantee Scheme, according to a recent survey by the British Chambers of Commerce (BCC).

Research of 250 companies by the BCC revealed that 90% of firms do not know if their bank is signed up to the scheme, and only one firm out of the 250 had actually received an Enterprise Finance Guarantee loan.

"A lot more needs to be done to raise awareness of these schemes. It is business that will drive the UK out of recession and it is vital that banks support companies through what is an extraordinarily difficult time," said David Frost, Director General of the BCC.

The survey also found that 61% of firms stated that the late payment of invoices is affecting their cash-flow position and over 30% of companies have seen their bank raise overdraft charges in the last six months.

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Post Date: March 13th, 2009