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Barclays Announces £88 million in New Funding for Business Loan Scheme
Posted 01-28-2010 at 12:44 PM by Rob
Barclays has announced a further £88 million is available to lend to SMEs through the Enterprise Finance Guarantee (EFG), which was introduced during the downturn to help more businesses get finance. The scheme enables Barclays to lend to viable businesses that, because they cannot offer sufficient security to meet normal commercial lending, would not otherwise be able to get the finance for their business to survive and grow.
Barclays has worked closely with Government on the scheme, and has already made available over £150 million in EFG loans in the last year, or almost one in every four EFG loans across the UK.
Cornerstone Vision, a leading publishing and marketing communications company based in Plymouth, is just one organisation which has already benefited from the lending. The business which employs 16 staff accessed the scheme to invest in the latest technology to support future growth of the firm.
“Time and again over the last year EFG has proven to be a superb way to support worthy businesses,” said Steve Cooper, Managing Director of Barclays Local Business.
“We’re a big believer in EFG – through it we’ve been able to assist over 1,650 businesses with loans.
“The new funding we’re announcing is going to continue that good work, to help more businesses become successful and help pull the UK out of recession.
“Enterprise Finance Guarantee covers a key gap in the market – companies that are viable, perhaps even strong, but could not get a loan because they do not have sufficient security.”
Trade, Investment and Small Business Minister Lord Davies said: "The Enterprise Finance Guarantee has helped thousands of viable businesses access the finance they need to withstand the recession and prepare for recovery. Following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy.”
What is the loan?
EFG is a loan from Barclays to our customers, where the Government guarantees a proportion of the lending if the customer is unable to repay the debt.
Who is it for?
Businesses with sales turnover of up to £25m operating in the UK.
Barclays has worked closely with Government on the scheme, and has already made available over £150 million in EFG loans in the last year, or almost one in every four EFG loans across the UK.
Cornerstone Vision, a leading publishing and marketing communications company based in Plymouth, is just one organisation which has already benefited from the lending. The business which employs 16 staff accessed the scheme to invest in the latest technology to support future growth of the firm.
“Time and again over the last year EFG has proven to be a superb way to support worthy businesses,” said Steve Cooper, Managing Director of Barclays Local Business.
“We’re a big believer in EFG – through it we’ve been able to assist over 1,650 businesses with loans.
“The new funding we’re announcing is going to continue that good work, to help more businesses become successful and help pull the UK out of recession.
“Enterprise Finance Guarantee covers a key gap in the market – companies that are viable, perhaps even strong, but could not get a loan because they do not have sufficient security.”
Trade, Investment and Small Business Minister Lord Davies said: "The Enterprise Finance Guarantee has helped thousands of viable businesses access the finance they need to withstand the recession and prepare for recovery. Following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy.”
What is the loan?
EFG is a loan from Barclays to our customers, where the Government guarantees a proportion of the lending if the customer is unable to repay the debt.
Who is it for?
Businesses with sales turnover of up to £25m operating in the UK.
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