The EFG gives vital funding to SMEs that lack the collateral or credit history to secure a normal bank loan.The four new accredited lenders are: Metro Bank; Hull Business Development Fund; Black Country Reinvestment Society; and MSIF (providing finance to SMEs in Merseyside). The government has also announced a new accreditation round which will open on March 1, 2012, and is inviting lenders to apply for accreditation to offer EFG loans. “If businesses are to start, thrive and grow they must have access to the finance they need – and the Enterprise Finance Guarantee gives more firms the chance to get vital funding,” comments Business and Enterprise Minister Mark Prisk. “These four new lenders will help widen access to this successful scheme even further. “The government has committed to guaranteeing £2bn of loans over the four years to April 2015, and we are now opening another accreditation round to encourage even more lenders to offer these loans. The scheme has already supported more than 16,000 businesses and we can support many more.” The EFG is available to businesses with up to £41m annual turnover and seeking up to £1m worth of loans, subject to eligibility. What do you think of your bank? Share your views in our annual FDs’ Satisfaction Survey (completed by 1,000 finance directors and finance decision-makers in 2011).
Share this story