The scheme enables Barclays to lend to viable businesses that would not otherwise be able to get the finance for their business to survive and grow. Barclays has worked closely with government on the scheme and has already made available over GBP150m in EFG loans in the last year.
Steve Cooper, MD of Barclays Local Business, said: “Time and again over the last year EFG has proven to be a superb way to support worthy businesses. We’re a big believer in EFG – through it we’ve been able to assist over 1,650 businesses with loans.
“The new funding we’re announcing is going to continue that good work, to help more businesses become successful and help pull the UK out of recession. Enterprise Finance Guarantee covers a key gap in the market – companies that are viable, perhaps even strong, but could not get a loan because they do not have sufficient security.”
Lord Davies, minister of trade, investment and small business, said: “The Enterprise Finance Guarantee has helped thousands of viable businesses access the finance they need to withstand the recession and prepare for recovery. Following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy.”
