Small Firms Loan Guarantee Scheme
If you are a small to medium-sized organisation with a viable business plan, but are unable to secure a conventional loan because you lack the assets to offer as security, you could be eligible to apply for the Small Firms Loan Guarantee (SFLG) scheme.
The SFLG scheme provides lenders with a government guarantee against default, covering 75% of the loan amount, in certain circumstances. The SFLG scheme is a joint venture between the Department for Business, Enterprise and Regulatory Reform (BERR) and a number of participating lenders, including The Co-operative Bank.
With the SFLG scheme you can:
- borrow between £5,000 and £250,000
- have a choice of interest rates depending on your circumstances
- take a capital repayment holiday
- draw down the loan in instalments if you prefer.
Qualifying for the SFLG scheme
To be eligible, your business must be less than five years old and your annual turnover less than £5.6 million.
If you qualify for the SFLG scheme, all your borrowing requirements can be met in one place – at The Co-operative Bank. Based on you meeting the eligibility criteria, we can guide you through the application process and deliver a fast commercial lending decision regarding borrowing.
For more information or to discuss your eligibility, please contact your Relationship Manager.
