Barclays has announced it is to increase the amount of funding available for small and medium-sized enterprises through the Enterprise Finance Guarantee (EFG) scheme by a further £88 million.
The lender has been a leading supporter of the government-backed scheme, offering SMEs over £150 million in EFG business loans in the last year.
The EFG scheme was introduced during the financial downturn to help struggling businesses obtain the finance needed to survive the recession and to fund growth.
It offers financial support to UK companies with a turnover of up to £25million who cannot offer the security needed to be accepted for normal commercial lending .
Steve Cooper, managing director of Barclays Local Business, said that over the past twelve months the 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."
Commenting on the success of the EFG scheme, Lord Davies, Trade, Investment and Small Business Minister, 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."
Barclays Adds GBP88 Million To Business Loan Scheme
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Barclays Adds GBP88 Million To Business Loan Scheme
Fri, 29 Jan 2010
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