Enterprise Finance Guarantee (EFG) & Personal Guarantees
There is much confusion over the requirement for guarantees under the Enterprise Finance Guarantee (EFG) scheme.
The Bank must be satisfied that all available personal assets have been pledged, before lending under the EFG scheme. However it is at the banks discretion to determine whether:
- Personal assets may be considered ‘available’ as security (see below)
- The applicant is personally committed to the venture
- The applicant is using the EFG solely to avoid pledging personal assets.
The EFG is new ground for all of us. Good luck, and please leave comments if you have any interesting observations on the application process.
Date: 20th March, 2009
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole