Worldwide produce guide to help businesses unlock new Government backed finance initiative

A Cornish firm of independent financial advisers has produced a guide to offer support to businesses wanting to unlock finance from the Government’s new small business loan plan.

Truro and Wadebridge based Worldwide Financial Planning have created the document after an increase in enquiries from local companies wanting to know how they can benefit.

The three schemes, Working Capital Guarantee Scheme, Enterprise Finance Guarantee Scheme and Capital for Enterprise Fund, have been introduced in a bid to offer support to businesses affected by the credit crunch.

The document, which has been written by Worldwide’s commercial finance adviser, Jeff Lenihan, is available by calling 01872 222422 or by visiting www.wwfp.net.

“We believe the introduction of these schemes by the Government will have a positive effect for businesses in Cornwall,” said Jeff.

“In terms of boosting business in Cornwall the main one will be the Enterprise Finance Guarantee Scheme.

“This is a considerable extension of the Small Firm Loan Guarantee Scheme and is targeted at SMEs, which covers 85 percent of businesses in Cornwall.

“The Government will guarantee 75 percent of loans between £1,000 and £1 million, so where banks have been reluctant to lend this will offer them an incentive to create new loans, replace existing loans and help with overdrafts.

“I think it’s a very positive step for business as it will provide an immediate injection of working capital by allowing businesses access to new finance facilities.”

And with all major high street banks eligible to provide facilities through the scheme, Jeff believes now is a good time for businesses to see what support they can get.

“The truth is that if banks and other lending institutions are approached correctly with the right package most will still lend.

“But you need to be prepared and by using our guide or by talking to a business adviser businesses will be better prepared on how to approach the banks.“

For more information contact Jeff Lenihan on 01872 222422

Tags: business finance, Capital for Enterprise Fund, Enterprise Finance Guarantee Scheme, Independent Financial Advisers, Working Capital Guarantee Scheme, Worldwide Financial Planning

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