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(CEP News) Frankfurt - The UK government will secure up to £20 billion in short-term loans to small- and medium-sized firms to help counteract the effects of the credit crunch, the Department of Business said in a statement on Wednesday.
According to the statement, companies who register a maximum turnover of £500 million would qualify for the loans, while a second guarantee of £1.3 billion will be set aside for firms with sales of up to £25 million. "We know that some companies are struggling to secure the finance they need," Secretary of Business Peter Mandelson said in the statement. "UK companies are the lifeblood of the economy, and it is crucial that government acts now to provide real help." Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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