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Lloyds TSB loans help start-ups

August 22, 2007 by admin  
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Recent reforms to the Small Firm Loans Guarantee (SFLG) have led to the possibility of more focussed funding to small businesses, high street bank Lloyds TSB said today.

SFLG is a government promise against default in certain circumstances.

Whereas previously available to all businesses, it is now on offer exclusively to those companies in their first five years of trading, which Lloyds head of communications Stephen Pegge said was “where it is most needed”.

The maximum amount which could be claimed was previously £100,000 for start-ups. Now, as a result of the sharper focus, they can claim £250,000.

Mr Pegge said: “It’s not that there were exclusions of start-ups that have suddenly been lifted; it’s mainly that the long-established businesses can no longer borrow. There’s more of an emphasis on start-ups. And perhaps some bigger start-ups can get more money than they previously could have got.

“I think it’s true to say that where businesses need it most – and are least likely to have security to support their applications – are in the early years,” he added.

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