Member Article

Enterprise Finance Guarantee welcomes new lenders

New lenders have signed up to a scheme which offers loans to small businesses under the Enterprise Finance Guarantee scheme.

Metro Bank, Hull Business Development Fund, Black Country Reinvestment Society and MSIF have all been named as accredited lenders by the Government, and will now have licence to give SMEs with a poor credit history funding for their business.

Business and Enterprise Minister Mark Prisk said: “If businesses are to start, thrive and grow they must have access to the finance they need, and the Enterprise Finance Guarantee gives more firms the chance to get vital funding.

“These four new lenders will help widen access to this successful scheme even further.”

Over the next four years to April 2012, the Government has committed to guaranteeing £2 billion of loans for small businesses.

A new round of accreditation is now set to open in 1 March 2012, and lends are being invited to apply for accreditation to apply for Enterprise Finance Guarantee loans.

Mr Prisk added: “The scheme has already supported more than 16,000 businesses and we can support many more.”

The Enterprise Finance Guarantee is available to businesses with a turnover of up to £41 million, and who is seeking up to 31 million worth of loans.

This was posted in Bdaily's Members' News section by Ruth Mitchell .