- Manufacturing firm
- £100k Invoice Factoring facility
- £20k EFG loan added to top up package
The business, based in the West Midlands, had been struggling with their cashflow, as late payments from debtors and the increasing prices of raw materials have both hit hard in recent months. We were able to provide them with a £100k invoice factoring facility, as well as an extra £20k on top through an Enterprise Finance Guarantee (EFG) loan. This is used to provide that bit of extra cash to really help the company prosper.
What is the EFG Scheme?
The EFG scheme aims to help viable firms that are unable to meet normal commercial lending requirements, with Skipton Business Finance being part of an exclusive panel of approved lenders in this Government scheme.
Applying to business with a turnover of up to £41million, the EFG Scheme replaces and improves on the successful Small Firms Loan Guarantee (SFLG) and is designed purely on facilitating additional lending to SMEs with no or insufficient security but with feasible business cases.
We use EFG loans to essentially top up our invoice finance facilities with extra cash for businesses that have a valid case for a larger funding line.
So far the scheme has contributed more than £1.1 billion to the UK economy (as of February 2013).
Why not find out if your business could benefit from the EFG scheme by emailing us at firstname.lastname@example.org or giving us a call on 0845 602 9354. Alternatively fill in the handy form on the right hand side and a member of staff will get back to you shortly.