The CBI (of which the MIA is a member, on behalf of all MIA members) met with a number of the banks recently to stress the need to clarify the application process. The banks took this on board and have reported a very high level of applications already, i.e many businesses have already met directly with the banks and have applied quickly.
The URGENT key message to MIA members is that the application process starts at the bank (there is no application form to fill out beforehand). The bank will then take them through the process and eligibility criteria.
Note that some RDAs have set up “transition funds”, which they should be publicising now on their websites, and these may be of interest to members.
MIA members may need to study the simple fact sheets (see below) from BERR and/or check BERR information on these measures at: www.businesslink.gov.uk/realhelp/finance
A Quick-and-Easy Summary of Current Support Measures for Businesses
Capital for Enterprise Fund Factsheet
Enterprise Finance Guarantee Factsheet
Working Capital Scheme Factsheet
