The enterprise schemes which lost millions – don’t you think this is disgraceful?

With money and funding for business tight, the following article just goes to show how the little money that is available to small business seems to be ‘squandered’ and wasted by organisations set up to provide potential sources of funding for the SME market place:

The government has published a list of 130 schemes, including many aimed at small businesses, which lost more than £31m in EU funding through financial mismanagement.

The projects, all based in England, were backed by the European Regional Development Fund (ERDF) but due to various financial inregularities have either misspent or misplaced the money.

One of the worst offenders was the North East Business Support Network in Tees Valley where £1.8m is unaccounted for due to “audit trail and document retention issues”.

Read full article.

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