Submitted on Thursday 4th August 2011
Published on Monday 15th August 2011
Current status: Closed
Closed: Wednesday 15th August 2012
EFG Scheme - Change Rules in order to support SMEs
Initially designed to support business that don’t have sufficient loan security by providing a 75% Guarantee, the scheme is suffocated by red tape, regulations and backed in principle by banks that don’t want to lend under the scheme. This epetition is for a full Review of the scheme, consideration for an increase in the guarantee to 100% and consideration for the scheme to be removed from the hands of local banks and entrusted to a government department that would fund directly to businesses. Consideration for further scheme flexibility where the business is using some of the required capital to fund employment expansion is also desirable. Consideration for lenders to take security for 25% of the loan under existing rules, to protect their own interests, rather than have any security taken absorbed into the total debt before a claim. This would prevent lenders seeing 25% risk exposure and encourage them to fund more businesses.
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