The number of businesses seeking to raise money through Enterprise Investment schemes has surged over the past year.

The number of applications for EIS pre-approval from HM Revenue & Customs rose 47%, from 1,457 in the tax year 2010/11 to 2,147 in 2011/12. Pre-approval is where companies ask HMRC to indicate whether investors are likely to qualify for tax reliefs under EIS.

Gary Robins has said: “Small and medium enterprises are vital to delivering growth to the UK economy  but many smaller businesses with potential are often unable to access the funding they need because the banks won’t lend”.

Lucy Warwick-Ching, Financial Times, February 24th

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