Barclays issue 40% of all new Enterprise loans

Barclays has issued 40% of all Enterprise Finance Guarantee (EFG) loans in the UK, according to data based on government figures.

The EFG is the government's £1.3bn scheme which provides loans to UK businesses through 26 financial institutions and is available up to 31 March 2010. The government guarantees up to 75% of the business loan.

The scheme started slowly with many small businesses initially finding that their banks did not want to issue the funding, or were inserting in-depth eligibility clauses. However, recent figures revealed that £149m has so far been lent through the EFG.

"Enterprise Finance Guarantee covers a key gap in the market - you can borrow between £1,000 and £1m, enabling you to match your borrowing requirements exactly to your business plan," said Stuart Stocks, Relationship Director for Barclays Commercial Bank in Manchester.

"You can choose a term up to 10 years, enabling you to select the optimum level of repayments, providing the term of the loan does not exceed the life of the asset purchased."

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