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News - 29 May 2014

Enterprise Finance Guarantee

 We asked Tonmoy Kumar, Manager of the Accounts Department of ABDS to comment on how your business may be eligible for the Enterprise Finance Guarantee

 
“The Enterprise Finance Guarantee (EFG) was introduced in 2009 and was designed to enable businesses with insufficient security for a typical bank loan the chance to access new business loans, refinance existing loans or convert all or part of an existing overdraft into a loan to meet the business’s cash flow requirements.
 
This is made possible because the government guarantees 75% of the loan, thereby reducing the risk to the lender, and can also provide a top-up guarantee on invoice finance facilities to support the advance that was agreed with the funds provider.
 
There are certain criteria necessary to access this initiative. A qualifying business must:
  • operate in the UK
  • turn over less than £41 million annually
  • be looking for finance between £1,000 and £1 million
  • want repayment terms between 3 months to 10 years (though this is less for overdraft and invoice finance facilities)
 
The majority of sectors are supported by the EFG, but the scheme is operated only by some of the more traditional high street and independent lenders, and is still conditional on their final lending decision.”
 
If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business
 

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