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Euro Sales Finance has announced that it has joined the Small Firms Loan
Guarantee (SFLG) Scheme.
The scheme is designed to assist SMEs that require funding but do not have the
assets to secure a conventional loan.
Loans are made to firms or individuals unable to obtain conventional finance
because of a lack of track record or security.
The SFLG is a joint venture between the Department of Trade and Industry (DTI)
and a number of participating lenders.
Under the terms of the scheme the DTI provides a guarantee to the lender
covering 75% of the loan amount, for which the borrower pays a 2% premium on the
outstanding balance of the loan, payable to the DTI.
Qualifying UK businesses with an annual turnover of up to £5.6m and which are up
to five years old can borrow up to £250,000 with terms from two to ten years.
John Bevan, UK managing director ESF commented: “Securing investment can be a
challenging process but it doesn’t have to be.
"The inability to raise conventional finance is an issue affecting a lot of
SME’s.
"The launch of the SFLG is designed to ease this pressure and provide
more flexible and realistic options to assist company development.
"Working with the DTI, ESF is authorised as an official lender of the SFLG
across the UK.
Speed of response and a flexible approach are key ingredients to ESF’s service
offering.
"In being able to offer loans under the SFLG scheme alongside our core
asset-based lending product range, will enable ESF to deliver a greater level of
support to clients and advisors.”
Source:
RedAlert
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