Borrowers can access funding between £1k and £1.2m over terms ranging from 3 months right up to 10 years.
Many lenders will offer the chance of a capital repayment holiday to further aid cash flow.
What are the costs of an Enterprise Financial Guarantee loan?
This type of funding does cost a little extra than traditional bank finance.
A charge of 2% per annum on the balance outstanding will be added to the bank’s own rate which goes towards the cost of providing the guarantee by the Government.
Does my company qualify for an EFG loan?
To qualify for a loan a company must be based in the UK and have turnover of no more than £41m per annum. There are a few sectors that are ineligible for funding such as agriculture and fisheries but the scheme should be suitable for the vast majority of UK companies.