Figures released by the Department for Business, Enterprise and Regulatory Reform (BERR) show almost £190m has been offered through government’s Enterprise Finance Guarantee scheme in the four months since its inception.
Just over 2,000 businesses have been offered loans under the scheme, totalling £186m in all. Those offers have come from 21 different financial institutions.
The EFG, originally outlined in January, sees government acting as guarantor for 75 per cent of a loan up to £1m with a bank backing the other 25 per cent. Businesses with turnovers of up to £25m are eligible and there is a total pot of £1.3bn available.
Efficiency firm GREEN Energy Options (GEO) has been reported by Cambridge News to be the first business in the country to receive the maximum £1m available under the EFG. The firm sought the money to help it deliver on a multi-million pound contract to supply smart meters to workplaces and homes.
Have you applied for any cash under the Enterprise Finance Guarantee scheme? Were you successful? How long did the process take? Can the scheme be improved? Email [email protected] with your thoughts.