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.
The Enterprise Finance Guarantee allows you to borrow without the available security, whether your business is young or old. Through Lloyds Bank, the Department for Business, Innovation and Skills provides a partial guarantee for the loan. However, your business remains liable for the full loan amount.
Tell us about your plans and needs so we can agree the interest rate. Then we can 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% a year on the outstanding balance of your loan.
The Enterprise Finance Guarantee scheme is specifically designed for small businesses. We lend to businesses of all ages, so you wouldn’t be refused just because your business is young or you can’t offer normal security.
For more information on the Enterprise Finance Guarantee please visit the British Business Bank websiteVisit the British Business Bank website for more information on the Enterprise Finance Guarantee..
One of our business management team will be happy to speak with you about your application.
However, before you get in touch, please make sure you’ve prepared answers to the following:
Completing our business loan calculator takes about 10 minutes. Once we receive your information, we’ll contact you to discuss your business needs in more detail.
Call us to talk to one of our business management team. Lines open 7am to 8pm Monday to Friday and 9am to 2pm on Saturday, except on UK bank holidays.
We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.
To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.
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.
Overdrafts are repayable on demand.
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.
1 There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.
2 A break cost may be applied on fixed rate loans for any early or partial/full repayment of the loan. This could be substantial depending on the interest rate at the time.
Calls may be recorded for our mutual protection, training and monitoring purposes.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 020 7626 1500.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.