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BERR - The Department for Business, Enterprise and Regulatory Reform
What is BERR?
The Department for Business, Enterprise & Regulatory Reform (BERR) is the new name for the Department of Trade and Industry. It was created on 28 June 2007, and has brought together several activities of the former Department of Trade and Industry with the Better Regulation Executive. Its main focus is the establishment of conditions for business success via flexible and competitive markets that ensure value creation for businesses, employees and consumers.
What does the BERR do?
The BERR functions across government departments and aims to improve productivity levels in the UK and foster world-class competitiveness. The BERR will work along with the new Department for Innovation, Universities and Skills (DIUS) and lend support to the new Business Council for Britain. It is committed towards sustainable development and promotion of open markets, enabling free and fair competition and providing UK consumers with better choice and value.
Small business and enterprise policy is a key area of concern for erstwhile Department of Trade and Industry. The Enterprise Directorate within the BERR functions across Whitehall, the Regional Development Agencies and major delivery partners to see that the Government is responsive to the requirements of small businesses and entrepreneurs. Additionally, under the new Enterprise Strategy that has been published jointly by HM Treasury and the BERR recently, the focus is on the government’s vision of making the UK the world’s most enterprising economy and the finest place to start and expand a business. The strategy underlines the need to make sure that entrepreneurs and small business owners possess the opportunity, knowledge and skills to access the funds needed to fulfil their dreams.
BERR and the Small Firms Loan Guarantee (SFLG)
The SFLG is a joint venture between the BERR and participating lenders. Several small- to medium-sized enterprises (SMEs) have business plans that are viable and need to be financed. Given that some SMEs might not have assets to pledge as security, the option of conventional loans is unavailable to them. This is where the Small Firms Loan Guarantee (SFLG) can be of assistance. The SFLG provides lenders a government guarantee if they fail to repay the loan in certain circumstances. The guarantee cost is 2% per year on the amount outstanding on the loan and is paid in quarterly instalments to the BERR.
If you would like to know more about our range of corporate finance services contact us today on 0845 838 0936 or drop us an email.
Trolltech
To whom it may concern
This is a reference for Strategy Consulting Limited, who have successfully obtained a £100,000 small firms loan guarantee from Bank of Scotland on our behalf.
We have developed, manufactured and marketed a revolutionary new type of electric golf trolley which has been redesigned for a wheelchair propulsion unit. We were discussing the possibility of licensing a major wheelchair manufacturer but prefer to market the product our selves and to keep some control. This SFLG will allow us to do that.
Strategy Consulting have been tenacious to say the least. There have been many unforeseen twists and turns in the history of getting the loan, but John and Strategy Consulting have been up to the mark in every respect. We have just drawn down the monies into our account.
I would
wholeheartedly recommend Strategy Consulting to companies
requiring fund raising.
Yours sincerely
David Jackson
For Trolltech
Ltd
If you would like to know more about our range of corporate finance services contact us today on 0845 838 0936 or drop us an email.
