PMD Business Finance (PMD) is delighted to be able to offer our clients and professional introducers access to the Enterprise Finance Guarantee (EFG) scheme.
EFG is a UK Government Guarantee Scheme to assist SME’s to access asset finance that may not otherwise be available. It enables the lender to provide funding for business assets where there is a lack or inadequacy of security and/ or track record. SME’s still need to demonstrate affordability through financial forecasts and projections.
In essence this scheme allows weaker and new start businesses access much cheaper asset funding lines. Peter Dobson, PMD’s Managing Director commented ‘ In the current economic climate the alternative financer sector is awash with asset finance options however, weak and new start companies would still normally expect to pay higher rates due to their risk profile. The EFG scheme is a ‘game changer’; allowing weak and new start businesses access to tier one funding rates. Not only do clients get the immediate benefit of reduced finance costs but they get the chance to build a relationship that should provide cheaper funding lines in the future.’
Hitachi Capital Business Finance (HCBF) is the first asset finance company to be granted this from the British Business Bank. PMD are one of HCBF’s key brokers in the U.K. and have already started introducing business through the scheme.
Peter Dobson further commented ‘HCBF are forward thinking and through EFG they can really make a difference to the UK’s fledgling SME’s. The ability for SME’s to access money for assets at competitive rates will drive expansion, generate employment and build business confidence. PMD is delighted to be working alongside HCBF in offering these facilities.’
If you require any further information please don’t hesitate to contact one of PMD’s New Business advisors on 0161 633 2548