Have a workable business proposal but lack security or need to free up overdraft facilities? The Enterprise Finance Guarantee (EFG) enables small businesses with a workable business proposal, but lacking sufficient security, to borrow money from approved lenders.
Features and benefits
Interest rate reduced by 1% as part of the Funding for Lending Scheme*
Borrow flexible lump sums - Borrow from £25,001
Spread repayments over 1 to 10 years
Variable or Fixed interest rates** are available depending on your circumstances
If you repay part or all of your fixed rate** loan before the end of the agreed term there may be a break cost***. There is no break cost*** for bank rate linked loans
An arrangement fee will apply up to 1.5%**** and dependent on the amount you borrow
Flexible draw down arrangements available
Capital repayment holidays may be available
Any property given as security which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
The British Business Bank is 100% Government owned, but independently managed.
Tell us about your plans and needs, and we will then agree the interest rate with you and let you know whether we need any security. As well as the interest, you will pay an arrangement fee, plus a Government premium of 2 percent a year on the outstanding balance of your loan.
*TSB is a market participant of the Bank of England’s Sterling Monetary Framework (SMF) and as such is eligible to apply for usage of the Bank's operations in the sterling money markets, which includes the Funding for Lending Scheme (FLS).