The government-led Enterprise Finance Guarantee (EFG) scheme has so far benefitted the economy to the tune of £1.1 billion, according to the latest figures released by the Department for Business Innovation & Skills. More than 10,000 businesses have gained access to loans through the scheme since it was founded in May 2010. 80% of businesses that have gained EFG funding would have been unable to secure loans through traditional bank funding routes, whilst approximately 6,500 jobs have been created through the scheme. Business Minister, Michael Fallon, said: “This latest research shows that the EFG is helping precisely those businesses who can't get finance elsewhere. “It is getting money to where it is needed, saving jobs, and delivering a huge benefit for the wider economy”, he concluded.
SBF - proud EFG lenders
Skipton Business Finance is delighted to be one of a select few funders eligible to lend to SMEs using the EFG scheme. We use EFG loans to supplement the invoice factoring and invoice discounting facilities we provide with that bit of extra cash, in turn helping to really boost the cashflow of a business. Our team of experts are actively on the lookout for businesses that could benefit from EFG lending. Maybe your own SME could benefit from the scheme? Why not find out more about the EFG scheme by clicking here, giving us a call on 0845 602 9354 or dropping us an email at info@skiptonbf.co.uk.