The British Business Bank (BBB) has accredited the County Finance Group for the Asset Finance variant of the Bank’s EFG programme.
County Finance Group are based in Lutterworth, Leicestershire. The accreditation will enable County Finance Group to offer additional asset finance to smaller business looking to acquire equipment or machinery.
The Enterprise Finance Guarantee program 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 requirements.
Jim McAuley, director of guarantee and wholesale Solutions at the British Business Bank, said: “At the British Business Bank, we want viable smaller businesses across the UK to be able to access the right kind of finance they need to grow and succeed. We have worked closely with the asset finance sector to create the new asset finance variant of our successful EFG programme.”
“We are delighted to announce that County Finance Group has been accredited as the third partner under this variant, enabling the provision of additional asset finance, a vital funding option for smaller businesses looking to grow, expand, and create jobs.”
Dawn Tingay, director of the county finance group, said: “We are delighted to have been successful in adding the EFG asset finance variant to what we can offer our customers. We believe this is a natural progression to the EFG loans that we have offered for the past 5 years. We hope that our customer base will see the benefits that the scheme can bring to SMEs across the broader sectors of asset finance.”
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 March 2018).
A recent study by Hadrian’s Wall Capital showed that 84% of areas in the UK saw SME lending from banks fall in the past year as small businesses continue to face difficulties in securing finance.