One of the UK’s largest independent IT financiers has spoken out
against the UK government, to say that it had missed out on a big
opportunity to boost SME funding.
Syscap said that by failing to include leasing in the planned
extension of the Enterprise Finance Guarantee scheme, the
government was restricting the opportunity for SMEs to acquire
funding.
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Under the scheme, the government guarantees up to 75 percent of
new funding to businesses with a turnover of under £25
million. Recently, it was announced that the EFG would
include funding of businesses through invoice discounting – but
that lease financing would not be included.
“The banking crisis saw a lot of funders of lease financing
withdraw from the UK market,” said Philip White, chief executive of
Syscap.
“We have made progress in attracting funders back, but adding
lease financing into the EFG would speed the process considerably –
and UK SMEs need that help now. Businesses fund the vast bulk of
their capital investment through leases, so it makes little sense
to exclude leasing.”
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