UK Small Businesses : Securing a Business Loan
If you require a business loan in order to start your business, keep your business running or expand your business, you may face an uphill struggle. Particularly for small businesses, the recent credit problems in the UK and around the world have made banks toughen their lending criteria and stemmed the flow of cash to small businesses to some extent.One option you may not be familiar with is something called the SFLG. This acronym stands for Small Firms Loan Guarantee scheme. It refers to a scheme under which small businesses (and in fact businesses with quite a hefty turnover too) can apply for funding. The funding, or borrowed money, comes from a variety of approved lenders under this scheme that is run by the Department of Trade and Industry and those approved lenders.
You must have a business plan in place and clear reasons for wanting the money and clearly plan what you will do with it and be able to argue your case. You may be able to get a loan even if you lack security. If this sounds of interest, then please do get in touch with our advisor using the form below. Our expert on the SFLG scheme can talk you through the requirements in more details, what it could mean for you and your business, and the next steps to take if you are interested in applying for Small Firms Loan Guarantee funding.
