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Confusion over new government package hampering SME credit
Small companies are still struggling to access credit despite the government's multi-billion package to get banks lending again, which included a £1.3bn fund guaranteeing loans to SMEs.
A senior source at Barclays has said that the bank has not yet received the forms that small companies need to fill in to access the fund.
"The infrastructure is lacking behind the grandiose statements. I have been trying to work with banks to find out the details of the scheme," said Ken Dickens, president of accountancy firm UK200 Group.
"Mandelson said last week the money is available, but I went to the banks to ask for lending for very secure clients of mine and the banks don't seem to have the money, the method to lend or knowledge of the schemes," he added.
Post Date: January 22nd, 2009
A senior source at Barclays has said that the bank has not yet received the forms that small companies need to fill in to access the fund.
"The infrastructure is lacking behind the grandiose statements. I have been trying to work with banks to find out the details of the scheme," said Ken Dickens, president of accountancy firm UK200 Group.
"Mandelson said last week the money is available, but I went to the banks to ask for lending for very secure clients of mine and the banks don't seem to have the money, the method to lend or knowledge of the schemes," he added.
Post Date: January 22nd, 2009
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