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December 2009 - Finding finance: Enterprise Finance Guarantee scheme
A number of clients have been successful in obtaining finance under the Enterprise Finance Guarantee (EFG) scheme.
The Government will guarantee lending to viable businesses under this scheme to ensure that they can get the
working capital and investment that they need.
It is designed to cover new loans of between one and ten years; available for new loans or the refinancing of
existing loans. It is available through many of the high street banks and other lenders and is for UK businesses
with a turnover of up to £25 million who are currently not able to access the finance they need for loans of
between £1,000 and £1 million.
The banks are fully responsible for the decision on whether or not it is
appropriate to use the EFG in connection with the loan and there is no automatic entitlement to receive a
guaranteed loan. You will need to provide supporting information your application such as a current business
plan; financial projections and historical accounting information.
In the Pre-Budget Report the Chancellor announced an extension of the scheme until 31 March 2011.
We have had a number of clients who have successfully taken out new loans under the EFG scheme.
For more details please give us a call.
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