The government has announced changes to the Small Firms Loan Guarantee scheme which, it claims, will offer better targeted and more generous financial support for small businesses. A recent review of the scheme has yielded several recommendations which include expanding the lending limits to #250,000 per business and raising the maximum turnover limit for eligible companies to #5.6 million. The new rules will also tighten the focus of the scheme onto younger businesses by imposing a maximum age limit of three years trading activity on eligible companies. Also, the loan limit of #250,000 per individual will be lifted to help successful serial entrepreneurs. Chancellor of the Exchequer Gordon Brown said “Small businesses are the lifeblood for our economy – boosting productivity, creating employment and prosperity, and revitalising our communities. Access to finance is a vital ingredient in the growth of any successful business. So I want to do more to ensure entrepreneurs, those with ambition, can get the finance they need to turn their ideas into business success”.

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