Mumbai, India (PressExposure) September 02, 2009 -- A new study findings reveal that majority of the small businesses in the UK are unaware about the various schemes that were introduced by the government in the last few years.
According to a new research conducted by the Asset Based Finance Association (ABFA), 56% of the SMEs are completely in the dark about the funding support programmes and credit amount being made available by the UK government.
When asked about schemes such as the Enterprise Finance Guarantee Scheme (EFG), Working Capital Scheme (WCS) or the Capital Enterprise Fund (CEF), the small and mid-sized businesses in the UK revealed a complete lack of knowledge about the government's financial offerings.
Financial experts have expressed deep concern over the severe lack of understanding among the SMEs about the various financial support plans, stating that the UK government is in no position to help the small businesses if they remain ignorant.
The research also revealed that obtaining credit insurance has become an issue for SMEs. Nearly, 78.8% of the surveyed respondents stated that as much as 20% of their clients have been denied insurance over the last 6 months. The reduced availability of credit insurance has added to the woes of small companies, who were already reeling under other pressures.
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