Accreditations
Four lenders pledge to help small businesses
17 February 2012
In the light of recent news that Project Merlin failed in its lending target to small businesses by £1 billion, four lenders have committed themselves to helping small businesses.
The Enterprise Finance Guarantee scheme (EFG) will ensure that small businesses can get loans when they are struggling to stay afloat or acquire sufficient funding to establish themselves.
Metro Bank, Hull Business Development Fund, Black Country Reinvestment Society and MSIF (a Merseyside based organisation that provides business funding) are the four lenders that have pledged to help.
“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," business and enterprise minister Mark Prisk said.
"These four new lenders will help widen access to this successful scheme even further."
Loans of up to £1 million will be available to companies with a turnover of up to £41 million, subject to eligibility.
This news should be welcomed by those businesses that have had difficulty acquiring loans due to a lack of credit history.
Filed under: EFG, independent contractors