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MP welcomes investment in Cumbrian businesses

March 7, 2012 9:29 AM

TF 9Westmorland and Lonsdale MP, Tim Farron, has welcomed news that 82 small and medium sized enterprises (SMEs) across Cumbria have received loans to support their businesses through the Government's Enterprise Finance Guarantee (EFG).

The Department of Business, Innovation and Skill's EFG scheme is designed to facilitate additional commercial lending of between £1,000-£1,000,000 to viable SMEs who would otherwise be unable to obtain a normal commercial loan due to having no or insufficient security. The scheme enables this lending by providing lenders with a partial guarantee on behalf of the business.

Figures obtained by Tim through a written parliamentary question, show that 82 businesses in Cumbria have received vital business loans of up to £6.67million of which 23 of those businesses were in Westmorland and Lonsdale and shared in £1.6 million in loans to support their businesses.

Tim commented: "Small and medium sized businesses make up the heart of our local economy across the South Lakes and Cumbria and so it is vital that we do all we can to support them during this difficult financial period.

"It is fantastic to see a significant number of businesses making the most of this Government credit scheme, and I only hope that this will help to show other businesses who may be struggling to secure credit that there is support available."