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Accessing Funds for Your Business
If you are looking to access the funds announced by the Government last week then we can help!
Contact your HWB director on 023 8046 1200 or email richard.hurst@hwb-accountants.com.
In brief, the initiative includes:
The Enterprise Finance Guarantee scheme
- accessible to businesses with an annual turnover up to £25m
- loans of between £1k and £1m
- available to fund working capital or investment for businesses seeking to grow or develop
- loans for most commercial purposes
- most sectors can benefit but there are some exclusions including agriculture, coal and steel sectors
- in addition to interest and capital payments to bank, a 2% premium will be payable to BERR(formerly DTi)
- you will need to provide all the information normally required by a lender in connection with a loan application but we can help with this
- replaces the small firms loan guarantee scheme (SFLG)
- up to £1.3bn of new bank lending under this scheme will be guaranteed by the Government.
Working capital Guarantee scheme
- accessible to businesses with a turnover of up to £500m
- to support working capital investment projects
- £10bn will be guaranteed by the Government
- securing up to £20bn of short term bank lending.
Capital for Enterprise Fund
- designed to allow companies to fund business development by selling debt in exchange for an equity stake in their business
- will provide equity and quasi-equity of between £250k and £2m for companies up to £50m turnover
- Companies must have a viable business model and growth potential in need of long term capital. £75m fund - £50m from Government and rest from banks.
HWB
Chartered Accountants, Highland House, Mayflower Close, Chandlers Ford, Eastleigh,
Hampshire, SO53 4AR.
