Following HM Treasury’s Autumn Statement in which the Chancellor announced the National Loan Guarantee Scheme which will reduce the rate of borrowing by 1% for small businesses SGF Chief Executive, John Drummond, said:
“It is no secret that the retailers which will weather this economic storm are those which are prepared to innovate and invest in their businesses.
“However, getting access to affordable levels of borrowing to make this happen has become incredibly difficult for most small businesses dissuading many from making the requisite investment.
“Today’s announcement from the Chancellor is therefore welcome. The cap of a £50m turnover means that the scheme will benefit the vast majority of SGF members.”