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Forum - Enterprise Finance Guarantee scheme

Enterprise Finance Guarantee scheme

Fri, 09/10/2009 - 15:05 — Mark Williams

Businesses requiring working capital that fail to secure a commercial loan might be able to take advantage of the government’s Enterprise Finance Guarantee scheme (EFG). According to the Department for Business, Innovation & Skills: “The £1.3bn scheme will support bank lending of three months to ten-year maturity to UK businesses with a turnover of up to £25m [that cannot] access finance they need. It will enable them to secure loans of between £1,000 and £1m through government guarantee and is available up to 31 March 2010.

“The guarantee can be used to: support new loans; refinance existing loans where the loan is at risk due to deteriorating quality of security; allow lenders to restructure a borrower’s debt where appropriate; or convert an existing overdraft into a loan to release capacity to meet working capital requirements.”

Have any small-business owners out there been able to secure EFG finance? Anything you'd like to share about your experiences?

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wigsy2008's picture

I am looking at getting an EFG loan.

I am being asked to give 25% unsecured personal guarentee.

Is there an insurance policy i can take out if the company goes bust.

Thu, 11/02/2010 - 20:59 — wigsy2008

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