Small Firms Loan Guarantee – Small Business Finance – now called Enterprise Finance Guarantee
Small Firms Loan Guarantee
One of the hardest parts of gaining business finance is having enough security to keep the lender happy. Even with your home on the line you may not have enough to secure funding for a large business project; and it is for cases like these that the Small Firms Loan Guarantee (SFLG) now replaced by the Enterprise Finance Guarantee.
Could You Be Eligible for SFLG ?
To be eligible for the Small Firms Loan Guarantee your business needs to be under five years old and have a turnover of no more than £5.6million. The age is generally considered from when the business first came under the charge of corporation tax or first became liable to pay Class 2 National Insurance contributions.
If you have adequate security for the finance you are applying for, then it is less likely that you will be accepted for the SFLG. Remember that using the SFLG costs you 2% of the lo an b alance each year, so you may find that taking a smaller loan that you have security for is cheaper than taking a bigger loan that needs SFLG backing. Enterprise Finance Guarantee has replaced the Small Firms Loan Guarantee scheme.
Help for Small Business
From Ashley Commercial Finance who have two products to help with cash flow, your PDQ terminal. To find out more just click on the links.
Article Index
- An Introduction to Small Business Finance - Factoring, Invoice Discounting, Invoice Finance
- Banking and Overdrafts - Small Business Finance
- Credit Card Finance - Small Business Finance
- Grant Finance - Small Business Finance
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5. Small Firms Loan Guarantee
6. Finance From Outside Investors - Small Business Finance 7. Finance From Family and Friends - Small Business Finance 8. Leasing Finance - Small Business Finance
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