Enterprise Finance Guarantee
An Introduction to the Enterprise Finance Guarantee The Enterprise Finance Guarantee (EFG) is a government-backed loan scheme designed to help small businesses access finance when traditional lenders turn them down. It provides loans of between £1,000 and £1 million with 75% loan guarantees from the government. In this blog post, we'll look at the eligibility requirements, types of facilities available, how to apply for an EFG loan, security considerations, and alternatives if an application is declined. Eligibility Requirements For EFG To be eligible for an EFG loan, businesses must have a turnover of less than £41 million per annum. They must be seeking finance between £1,000 and £1 million. Businesses must also have been refused credit from one or more other lenders before applying for an EFG loan. Types Of Facilities Available Through EFG The types of facilities available through the EFG include new term loans, refinancing of existing term loans, overdraft conversion, and invo...