Barclays fund to ease small firms' cost worries
January 26th 18:39 Cost Management
A new £88 million investment pot for small British businesses has been announced by Barclay's bank.
Firms which have been struggling to manage their costs during the tough economic climate will now be able to apply for loans from the fund, which is backed by the governments Enterprise Finance Guarantee (EFG) scheme.
Under the rules of EFG, a proportion of any repayments which are missed by the companies will be covered by the government.
The fund will be available to all firms in the UK with an annual turnover of less than £25 million.
Small business minister Lord Davies said: "The EFG has helped thousands of viable businesses access the finance they need to withstand the recession and prepare for recovery.
"Following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy."
UK firms can also look into effective facilities management as a way of cutting back on business costs.
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