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Effective Finance
Whatever your financial requirements - Effective Finance can assist you. Does your business need any of the following?
Raising finance (including Grants)
Preparing and Understanding cashflow
Preparing and Communicating business plans
Virtual Finance Director
EFFECTIVE FINANCE DEVELOPMENTS
Finance Helpline
If you have a pressing finance problem or crisis, you can call or email the Finance Helpline Click here
Grants for Business
We have a new partner who is helping businesses to get grant funding. Click here
Virtual Finance Director
This is an exciting development for the SME from Effective Finance. Click here
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Enterprise Finance Guarantee Scheme
The government introduced the ‘EFG’ with the aim of improving working capital by providing new terms loans or re-financing existing borrowings.
- Loans from banks can be for amounts of £1,000 to £1million
- Loans must be paid back between one and ten years
- You will be charged an annual premium for the guarantee (1.5% in year one rising to 2% pa) on top of the interest costs and arrangement fees
- The loans must be for business growth and development
- Loans are available through Barclays, Clydesdale/Yorkshire Bank, HBOS, HSBC, Lloyds TSB, RBS/NatWest and Northern Bank
- Businesses with turnover up to £25million who are considered viable are eligible
- The government gives a guarantee of 75% of the loan to the bank
- The bank will require security from the business and possibly also personal guarantees from the owners or directors
- If borrower fails to repay, the business remains liable for the full debt
- Main exclusions are businesses in agriculture, coal, and steel sectors
- You will need a well written and supported business plan
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