The Enterprise Finance Guarantee (EFG) is a guarantee scheme to facilitate lending to viable businesses that have been turned down for a loan or other form of debt finance due to inadequate security or lack of a proven track record. EFG is open to viable businesses that:
Operate in the UK
Have a turnover of no more than £41 million
Are seeking finance of between £1,000 and £1.2 million
Wish to and can afford to repay over a period of between three months and ten years for term lending, and between three months and three years for overdrafts, invoice finance and other revolving facilities
Require the finance for an eligible purpose
Operate in a business sector that is eligible for EFG
Business owners are encouraged to ask their lenders about the EFG scheme if they have had a request for borrowing declined, or are uncertain about their eligibility for a business loan.