The British Business Bank has announced that it has accredited Lutterworth-based County Finance Group for the asset finance variant of the Bank’s EFG programme. This will enable County Finance Group to offer additional asset finance to smaller business looking to acquire equipment or machinery to boost their growth.
Jim McAuley, director, guarantee & wholesale solutions, British Business Bank, said:
"At the British Business Bank, we want viable smaller businesses across the UK to be able to access the right kind of finance they need to grow and succeed. We have worked closely with the asset finance sector to create the new asset finance variant of our successful EFG programme.
“We are delighted to announce that County Finance Group has been accredited as the third partner under this variant, enabling the provision of additional asset finance, a vital funding option for smaller businesses looking to grow, expand, and create jobs.”
Dawn Tingay, director, County Finance Group, said:
“We are delighted to have been successful in adding the EFG Asset Finance variant to what we can offer our customers. We believe this is a natural progression to the EFG loans that we have offered for the past five years. We hope that our customer base will see the benefits that the scheme can bring to SMEs across the broader sectors of asset finance.”
The Enterprise Finance Guarantee programme facilitates business finance to smaller businesses that are viable but unable to obtain finance from their lender due to having insufficient security to meet the lender’s normal requirements.
It provides lenders with a government-backed guarantee of qualifying facilities, providing the lender with additional security, therefore potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. Since its launch in 2009, EFG has supported the provision of over 29,000 business loans to a value of over £3.1bn (as at March 2018).