Take this scenario; your business is relatively new to the market, but you’ve already shown that you’re viable, and now you’re all set to grow. But you can’t get the finance. The lending criteria are too strict for you to get through. What do you do?
Other than going to see a specialist commercial finance broker, you should take a look, with their help, at the Enterprise Finance Guarantee Scheme. The government provides the security that the lenders need, by guaranteeing 75% of any potential losses. This enables the lenders to unlock a greater amount of finance for small businesses and providing the injection of variety that the SME lending market needs.
You still have to satisfy all the other criteria that the lender needs, so it’s not free money. If you think you fit the criteria for this government backed scheme we’d suggest that you get in touch with a specialist who can help you through the process of applying for business finance. One who can take away the hassle and make the process run faster and simpler for you.