The Enterprise Finance Guarantee (EFG) scheme is a government-backed initiative created to assist small businesses in their loan applications. The scheme was established in 2009, shortly after the global economic crisis in the previous year which left small businesses struggling to get the finance that they needed. It was introduced as a replacement for the previous SFLG scheme which had been established since 1981.
How does the EFG scheme work?
When looking for financial options for your business, it can be overwhelming due to the amount of finance products and services available.
Two of the most common and popular forms of business finance used are Invoice Finance and Bank Overdrafts. Invoice Finance involves having access to unpaid invoices at a set advance less an agreed fee before your customers pay you. A bank overdraft is closer to a loan as you are given a set amount to use which you will later pay back.
In any business, having a PR plan can be crucial. PR is often confused with marketing and although they do share similarities, there are some obvious differences. PR focuses on the relationship between a company and its audiences.
Rather than focusing on selling a product through means such as advertisements, it revolves around the relationships consumers have with the business and how the business comes across to them.
