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The Government is set to guarantee billions of pounds of loans to small businesses in an effort to boost the credit available to companies across the UK. It was announced that ministers will guarantee about £20 billion of loans to businesses of 50 employees or less. the conservatives have called for a similar plan offering a £50 Billion commitment.

The government could guarantee up to 95% of a companies loan with the taxpayer picking up the bill if they fail to repay it.

It is understood that ministers will back about £20 billion of loans to small companies, which are businesses with 50 employees or fewer, which the taxpayer will end up underwriting if a firm goes bust. The programme would run on the same principle as the present small business scheme, whereby the Government guarantees 75 per cent of a loan of up to £250,000. The Body Shop, Waterstones, the bookshop owned by HMV, and Coffee Republic, the coffee chain, were all set up using funding from the small business loan guarantee scheme.

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