Support for SME's - Failure of existing Government backed Loan scheme (EFG)

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Support for SME's - Failure of existing Government backed Loan scheme (EFG)

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The current EFG system whereby the Government underwrites 75% of any EFG loans granted to an SME is fundamentally floored.

The acceptance rate at which these loans are granted is 80% down in the last 18 months starving SME's of much needed financial support/assistance to help the grow and secure/create jobs.

The reason this acceptance rate is in such decline is due to the banks interpretation of the criteria needed to be eligible for the funds.

The interpretation varies from bank to bank due to the complexity of the scheme set out by the government.

The scheme is to be in place until 2015 but is proving to be a monumental failure at this early stage which is contributing to the stagnation of the economy in the private sector resulting in unnecessary business failures.

This system needs to be re worked to provide clarity to the banks and access to funds for SME's who want to grow and take on new employees.

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