£750 million Enterprise Finance Guarantee funding still available

11 August 2009

Email article : Print article : More articles like this

Are you a business owner who is struggling to access finance? If so, we would recommend considering, or re-considering, the Enterprise Finance Guarantee (EFG) scheme. Despite launching the scheme with a pot of £1.3 billion, the Government has recently reported that approximately two thirds of the funding is still available.

If your application for the EFG scheme was rejected, or you were dissuaded from applying by your bank manager, click here to let us know your experiences. You may also want to consider applying for the remaining funding in which case, read on for further details.

The EFG scheme has been controversial because of the confusion over eligibility when it was launched in January 2009. However, we now know the following:

The scheme will cover:

new term loans of between one and ten years
existing lending where lenders might not otherwise refinance the debt
conversion of part or all of an existing utilised overdraft into a term loan in order to release capacity in the overdraft to meet working capital requirements. This is conditional on the lender being prepared to continue to provide an overdraft and the viability of both the term loan and the overdraft.

The guarantee will fund:

working capital
investment by businesses seeking to grow or develop.

For more information on eligibility and the evaluation procedure, click here.

How the FPB can help

Don't forget our friendly member helpline team are here weekdays from 8am-6pm to discuss any business issues you may have. Contact us on 0845 130 1722 or via email at helpline@fpb.org. Non-members can find out more about us by calling 0845 612 6266.

Email:
eNewsletter archive

£750 million Enterprise Finance Guarantee funding still available

Related articles