More than £84m worth of Enterprise Finance Guarantee (EFG) loans were awarded to small businesses in the second quarter of 2013, it was revealed last week by the Department for Business Innovation & Skills. The government-led initiative, which launched in 2009, is aimed at small businesses and start-ups. It is intended to improve the availability of working capital to businesses which may be declined funding through other routes. Since May 2010, more than 12,400 start-ups and small businesses have benefited from EFG loans totalling more than £1bn. Business minister, Michael Fallon, felt that the increased EFG lending was a good sign: “As a demand-led scheme, increased EFG lending shows that businesses are increasingly looking to invest and grow, and this is a positive indication for growth in the wider economy.” SBF Sales & Marketing Director, Andy Grantham, said: “We are very proud of our successful track record in helping local businesses raise finance against their invoices through both Factoring or Invoice Discounting and the EFG Scheme, which provides much needed additional liquidity”.
We are EFG Lenders
Skipton Business Finance is one of a select few funders eligible to lend to businesses using the EFG scheme. We use EFG loans to supplement the 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, or alternatively call us on 0845 602 9354 or email us on info@skiptonbf.co.uk.