If you are thinking about expanding your business then you need to feel confident that you are going to be able to get funding for your growth needs. However, it can be hard to feel confident with the lending market in the state that it is in.
Head of products and pricing for Lloyds TSB Commercial, Andy Cutbill, stated that as government schemes are designed to allow better access to financing for SMEs, businesses can feel better about getting growth funding at a much lower cost.
Cutbill went on to explain that Lloyds TSB is committed to supporting businesses in the UK and they are proud to take part in both the Funding for Lending Scheme and the Enterprise Finance Guarantee government scheme. He added that as a bank they are satisfied they have supported growth strategy and SME led investment so that the UK economy can be bolstered.
In 2009 the Enterprise Finance Guarantee was set up by the Department of Business Innovation and Skills as an effort to improve the access that SMES have to funding and to make sure that those who do not have a solid track record still are able to meet the standard criteria for a loan.
One business that has taken advantage of the EFG scheme is Team Sport Indoor Karting which has been able to open a new carting centre in Brighton as a result of the loan scheme and Lloyds TSB. Owner of Team Sport, Paul Wrightman, stated that the EFG loan will help many small businesses and offer them the support that they need to their business to really move forward.