Press Release
March 2009: UHY Wingfield Slater issues guide on Government loans available to local companies
Government help for small and medium sized businesses wanting to obtain loans is now available. And Sheffield independent accountants and business advisers UHY Wingfield Slater is pointing them in the right direction.
Details of the Government measures are given in UHY Wingfield Slater’s Financial Monitor advisory newsletter. This has been emailed to UHY Wingfield Slater clients and is available for anyone to download from its website: www.uhy-wingfieldslater.com .
UHY Wingfield Slater tax partner Peter Newsam explains the Enterprise Finance Guarantee allows any company with an annual turnover of up to £25 million to apply for a loan of between £1,000 and £1 million. If the application is successful, the Government will guarantee 75 per cent of the amount outstanding.
“No business will have an automatic right under this new scheme but it obviously makes sense to make an application,” said Newsam.
Government support under the scheme will be available for new loans of between one and ten years and it is also available for rolling over existing loans.
UHY Wingfield Slater’s Financial Monitor also gives details of the Government’s Transition Loan Fund, available over the next six to 12 months to viable businesses that are short of working capital. Part of the fund will be used for small to medium sized businesses in depressed communities, where the maximum loan will be £50,000. An additional part of the fund will provide loans of up to £250,000 for other businesses.
Said Newsam: “This fund aims to help small to medium sized businesses survive through the economic downturn, safeguard jobs and put them in a position to benefit when the economy begins to grow again.”
The UHY Wingfield Slater Financial Monitor gives advice on new enforcement provisions of the national minimum wage, interest on overpaid tax and carry back of tax losses. It also warns about a new clampdown on Inheritance Tax by HM Revenue & Customs.
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