Lloyds TSB Commercial Finance launches EFG scheme
We will be ensuring that an even greater number of SMEs can access the finance they need through the Enterprise Finance Guarantee (EFG), as the UK Governments Department for Business Innovation and Skills (BIS) has extended to Lloyds TSB Commercial Finance.
Clients and prospects will have access to additional loans of between £10,000 and £1 million under the EFG. Eligible SMEs must have an annual turnover of between £250,000 and £25 million.
The scheme will be used to enable firms which have viable business cases, but lack the necessary security, to take out loans repayable over one or two years.
EFG has been popular with businesses looking to invest in their growth strategies and, recognising this, the Government has extended the scheme for a further 12 months, enabling £500 million of additional lending to SMEs until 31 March 2011.
Simon Featherstone, managing director commented:
“The scheme has proved hugely successful so far, with our relationship banking colleagues at Lloyds TSB Commercial among the most active lenders, providing 29 per cent of EFG loans.
As the economy begins to stabilise, many firms will be looking to make business critical investments to maximise the growth opportunities which emerge. EFG is an excellent addition to our portfolio of facilities, as it enables eligible clients and prospects which have fully utilised their available security, to generate the additional expansion capital required to meet their short and medium-term needs.”
For more information on Lloyds TSB Commercial Finance’s EFG offerings, please call 0800 169 4356