New Finance Schemes Must Ensure Banks Support Convenience Retailers

The Scottish Grocers Federation (SGF) has welcomed the new package of measures announced by Lord Mandelson, to help small and medium business survive the financial downturn. The package includes the Enterprise Finance Guarantee Scheme, securing up to £1.3bn of additional bank loans, to small firms with a turnover of up to £25 million.

SGF’s Chief Executive, John Drummond said;

“SGF supports any moves to make cash flow and credit more accessible, especially at a time when a number of our members, operating perfectly healthy businesses, are finding it increasingly difficult to secure credit despite having good relationships with their banks.

“This scheme should make it easier for the banks to lend and to assist investment which is vital if community convenience stores are to have a chance of success during this economic slowdown.”