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If you love red tape...You'll love the new National Loan Guarantee Scheme

Published 05/12/2011 00:00:00

Do Businesses really need another government scheme?

After reading about the new ‘National Loan Guarantee Scheme’ courtesy of George Osborne - I breathe a sigh of frustration. Not only is this set to follow in the footsteps of previous schemes which became failed initiatives it is a boost to the red tape industry!

No doubt it will be another scheme to join the tsunami of failed initiatives. Just ask yourself, what happened to the Enterprise Finance Guarantee Scheme – why is there such a slow uptake? What happened to the Enterprise Capital Funds? Local Enterprise Partnerships? Project Merlin? The list is endless and it all seems to be entangled in red tape.

It’s baffling how they can’t learn from the past - rolling off one initiative after another clearly isn’t working. With the excessive amount of administration required time and extra costs businesses are unable to spend time jumping through hoops and run their business at the same time? We have even had a bank manager tell us that with the amount of administration involved when applying for these schemes - he doesn’t want to do it.

Businesses need a solution to help them stay afloat in this climate and the government’s scheme of underwriting the loans is far from the best way.

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