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SBF joins list of EFG lenders

Skipton Business Finance (SBF) confirmed that it has been selected to join the exclusive panel of approved lenders in the EFG scheme.

Under the government scheme, businesses with a turnover of up to £25m can access loans, 75% of which are guaranteed by the government, and can be used, among other things, to meet short-term cashflow difficulties and restructuring as well as fund growth opportunities.

Andy Grantham, sales and marketing director at SBF, said that the programme aims to help viable firms who are unable to meet normal commercial lending criteria.

“During the downturn, the government promised businesses more support via the Enterprise Finance Guarantee Scheme and it’s exactly this type of scheme that can help improve a business’ cashflow, foster growth and create new jobs.”

Running until March 2011, the EFG scheme replaces the successful Small Firms Loan Guarantee (SFLG) and is designed purely on facilitating additional lending to SMEs with no or insufficient security but with feasible business plans.

Andy added that SBF’s solid reputation in the market helped the company become part of the EFG scheme’s approved list of lenders.

“SBF have an extremely successful track record of helping local businesses raise finance against their invoices through factoring or invoice discounting and I’m delighted we are now able to provide EFG facilities alongside our offering.”