Business Secretary Lord Peter Mandelson unveiled his “real help for small to medium businesses” plan this week, saying its aim was to address the cash flow, credit and investment needs of small businesses.
It also aimed to help small businesses struggling to secure bank loans for working capital and investment.
Lord Mandelson said he knew small businesses, which includes freelancers and contractors, were beginning to struggle in the economic downturn.
“We know that some companies are struggling to secure the finance they need, not because of any failure in their business but due to tougher credit conditions,” he said in a statement released by the Government on January 14.
“UK companies are the lifeblood of the economy and it is crucial that Government acts now to provide real help to support them through the downturn and see them emerge stronger on the other side.”
The Government measures outlined by Lord Mandelson include:
