Invoice finance funder Calverton Finance has become an accredited lender under the British Business Bank’s Enterprise Finance Guarantee (EFG) scheme.
The British Business Bank’s Enterprise Finance Guarantee (EFG) Programme facilitates business finance to smaller businesses that are viable but unable to obtain finance from their lender due to having insufficient security to meet the lender’s normal credit requirements.
The EFG programme provides lenders such as Calverton with a government-backed guarantee of 75% of the outstanding balance of eligible facilities, allowing it to broaden its reach to smaller businesses which may have been outside its normal credit appetite.
Since its launch in 2009, EFG has supported the provision of over 29,000 business loans to a value of over £3.1bn (as at end March 2018).
Calverton has been accredited for both the term loan variant and invoice finance variant of the EFG scheme, the first new invoice finance provider to be accredited since the scheme was redesigned and relaunched last year.
Since being established in 1998, Calverton has provided a variety of invoice finance offerings to UK owner-managed businesses, from start-ups to businesses with sales of up to £10m.
Mark Byrne, managing director at Calverton, said: “We are delighted to be an accredited lender with the British Business Bank’s (BBB) Enterprise Finance Guarantee (EFG) programme. Our aim is to make advances to new and existing clients who have a growing need for cashflow assistance without the usual facility funding restrictions.”
Jim McAuley, director, guarantee and wholesale solutions at British Business Bank said: “The British Business Bank is committed to helping smaller UK businesses access the finance they need to realise their potential.
“We are delighted that Calverton is the first new provider to be accredited to use the invoice finance variant of our successful Enterprise Finance Guarantee (EFG) programme since EFG was expanded and improved in October 2017. This will enable Calverton to increase its supply of invoice finance and asset-based finance to smaller businesses that are working successfully but struggling to obtain the finance they need for future growth.”