Today, we take a look at the successful Enterprise Finance Guarantee (EFG) scheme in which Skipton Business Finance is an approved lender. Since its inception in November 2008, we have funded dozens of SMEs with EFG loans in tandem with our specialist Invoice Finance facilities such as Invoice Factoring or Invoice Discounting.
SBF was delighted to receive a further allocation of EFG funds from the government for at the beginning of 2014. But exactly what is EFG and can it benefit you?
What is the EFG scheme?
The EFG scheme is a UK government-guaranteed lending scheme intended to help smaller viable businesses who may be struggling to secure external finance. This may be due to the fact they do not have the requisite three or five-year credit history that many financial institutions require before granting a request for funds.
When was it established?
The EFG was launched in January 2009, during a very difficult time when the credit crunch had tightened and getting funds off lenders was proving near-impossible for many SMEs. As Skipton Business Finance is an approved lender, we have continued to allocate EFG funding throughout 2014.
How much money is available under the EFG scheme?
The UK government has allocated hundreds of millions of pounds which will be available to eligible businesses throughout 2014.
But is my business eligible to receive funds through the EFG scheme?
If you’re an SME, yes, you probably are eligible!
If you require funding between £1,000 up to £1 million and your turnover is anything below £25 million, you're likely to fit the requirements to obtain an EFG through in tandem with our specialist Invoice Finance facilities. If you want to double check, please get in touch with us today.
So where do I go to get EFG funds?
The government each year allocate the EFG funds to a number of lenders they deem suitable and expert. These lenders then loan out the funds (at their discretion) to businesses who fit the criteria above in tandem with the specialist finance solutions they provide.
Skipton Business Finance is proud to be one of the accredited lenders on the EFG scheme, so feel free to get in contact with us to see if you can get the boost your business may just require!
What type of information will I need to provide to get an EFG loan?
It's best to get in touch with us and one of our expert Corporate Managers will detail exactly what is required.
Typically, however, you'll need to provide all the usual information that you’d give if applying for a loan. Examples of some of the things we will need include:
- An up-to-date business plan, letting us know how you will use the EFG loan
- Financial projections
- Historic trading figures
- Statutory and management accounts
- Information on any other publicly funded support received by your business within the past three years
Get in touch
It’s easy to unlock the money you have tied up in unpaid invoices and with an EFG fund you'll be able to unlock more capital. Just call us on 0845 602 9354 and one of our award-winning team will be able to guide you through the process.