Enterprise Finance Guarantee

Budget Announcement - A £200 million extension to the current £500m Enterprise Finance Guarantee (EFG) facility. In total the EFG will now support up to £700m in bank lend ...

Budget Announcement

A £200 million extension to the current £500m Enterprise Finance Guarantee (EFG) facility. In total the EFG will now support up to £700m in bank lending to viable small businesses up to March 2011.

As speed and certainty is important for EFG lending decisions, a processing target of 20 working days will be introduced for all major lenders participating in the EFG to provide certainty for businesses on how long
their applications will take to process.

We are working with the main lenders, who account for over 97% of the SME lending market, to ensure that that they will have machinery in place to effect this by 1
August 2010.

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