The Enterprise Finance Guarantee could help if you are unable to obtain a bank loan due to lack of adequate security, and you are looking to
If your annual turnover is less than £41m and you have a sound business proposal, you may be eligible for an Enterprise Finance Guarantee loan.
You are liable for repaying 100% of the loan and HSBC will always seek to recover the outstanding balance from you and any security taken under the loan. If HSBC cannot recover all funds, the Government provides a partial guarantee to HSBC to cover the lack of available security.
An additional quarterly premium (2% per year) is payable to the Department for Business Innovation and Skills (BIS).
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1 A £25,001 minimum applies for sole traders and partnerships (excluding LLPs).
2 The £1,200,000 maximum applies to loans with a term of 5 years or less. The maximum loan amount for a term of 10 years is £600k.
3 Excluded sectors are Coal; Banking, Finance & Associated Services (except professional services); Formal Education (except vocational training); Insurance & Associated Services (except brokers & agents); Public Administration, National Defence & Compulsory Social Security.
4 €200,000 is the maximum amount of State Aid that any business may receive in a rolling 3 year period. Lower levels of State Aid apply to specific industries, for example agriculture, fisheries and road freight transport.
5 Lines are open 8am to 10pm every day (except Christmas Day, Boxing Day and New Year's Day). To help us continually improve our service and in the interests of security, we may monitor and/or record your telephone call.