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The EFG provides loans up to pounds 1m compared with an upper limit of pounds 250,000for the SFL Gand it is available to businesses with a turnover of up to pounds 25m rather than pounds 5.6m under the SFLG.
"The SFLG scheme exists to bridge the gap where a business has a viable plan but inadequate funding and collateral.
FPB member and accountant Khalid Javid slammed the recommendation to limit the SFLG scheme to less established firms.
Mr Javid said: "A client of mine, who has run a fruit and veg shop for 10 years, is presently applying for the SFLG scheme.
With the help of Venture Wales, the South Wales enterprise support organisation, CTS has been successful in applying for a pounds 50,000 National Assembly Investment Grant and further funding from the Small Firms Loan Guarantee (SFLG) scheme to help it set up its unit on the Treforest Industrial Estate, Pontypridd.
The Government has accepted recommendations to maximize the support the Small Firms Loan Guarantee (SFLG) scheme offers small businesses.
Teresa Graham's recommendations will ensure the future SFLG will maximize its impact on our enterprise agenda and help those SMEs with greatest difficulty in accessing debt finance.
The SFLG was introduced to help individuals overcome the problems obtaining the finance to start up new small businesses and also help small businesses expand.
For more than 20 years the SFLG has been the principal method through which the government assists businesses in securing bank loans.
'Some kind of tax write-off, whether at the start or end of the investment and whether full or incremental would be welcome.' Meanwhile, the Association of Chartered Certified Accountants has warned that high street banks must change their approach if the Government's Small Firm Loan Guarantee (SFLG) is to be used more widely by businesses.
An ACCA members' survey earlier this year found that 51 per cent of respondents believed the SFLG to be unsuccessful in meeting its objectives.
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