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Bibby offers help under Small Firms Loan Guarantee Scheme |   |
Bibby Financial Services (BFS), one of Bytestart's partners, has announced it is now able to offer funding to UK businesses under the Small Firms Loan Guarantee scheme.
The scheme, backed by the Department of Trade and Industry (DTI), aims to assist small and medium-sized businesses unable to access conventional bank loans due to the lack of necessary security, by offering loans of between £25,001 and £250,000 over a repayment period of between two and five years.
David Robertson, chief executive of BFS, said: “With recent research finding nearly one in four (24 per cent) entrepreneurs experience problems raising finance, it’s clear that funding business ventures can be a stressful and time consuming experience. What’s more, failure to generate sufficient funds means many potentially sound businesses find it difficult to grow to the next level.
“We are therefore delighted to be one of the few independent invoice and asset finance providers able to offer the Small Firms Loan Guarantee to help entrepreneurs turn their business dreams into reality.”
In addition to guaranteed loans, BFS offers a host of other services suitable for the small to medium-sized business arena. Through its core product range, businesses are able to release cash tied up in a range of business assets including unpaid invoices, plant and machinery and confirmed orders.
The Small Firm Loan Guarantee is available to businesses using one of BFS’ asset based funding solutions.
Robertson concluded: “Being able to offer the Small Firms Loan Guarantee to clients provides us with an even more comprehensive portfolio, meaning small and medium businesses have even greater access to a wider range of funds to help them grow and flourish.”
For further information about how Bibby Financial Services could help your business secure funding and improve your cash flow, contact Tel: 0800 91 95 92 or visit www.bibbyfinancialservices.com
Posted July 13, 2006
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[November 17, 2008] 77% of small business owners responding to a recent survey feel that the UK government is failing small businesses by not doing enough to help them through the current economic crisis.
[November 6, 2008] A leading accountancy body has urged small companies to be alert to the classic signs of insolvency in their businesses, or in companies they deal with.
[September 16, 2008] Despite the daily media coverage of the "credit crunch", new data reveals that the major high street banks are still lending to small businesses. In fact, term lending actually grew by 11% in the year to June 2008.
[September 8, 2008] An expert report into the Government's planned shake-up of small firms' pension schemes via the introduction of "personal accounts" suggests that many existing schemes will be forced to close as they won't meet the proposed exemption tests.
[September 2, 2008] As new figures show that most SME's have already been affected by the slowdown in some way, Bacs have provided some tips to encourage prompt payment from clients.
[August 7, 2008] With quite ironic timing, it appears that Government funding has ended for a well-known late payment advice site, the Better Payment Practice Group. The organisation was initially set up to encourage businesses to improve their payment practices.
[August 5, 2008] A law firm has urged small companies to review their finances after the Bank of England revealed that cash balances held with banks has dropped for the first time in a decade.
[July 17, 2008] New Conservative proposals have been announced which would create a new fast-track judicial process for distressed companies, as an alternative to administration, based on the best aspects of the American "Chapter 11" system.
[July 8, 2008] We spotted a good article in the FT last week which provides an interesting insight into the role of Finance Directors in new start-up businesses.
[June 27, 2008] Following the implosion of the mortgage market in recent months, a large number of mortgage companies have pulled many of the most attractive deals, with self employed people affected more than most. Deals are still available, but cheap credit is a thing of the past.
[June 3, 2008] Businesses are being urged to take a tough line on late payment, after fresh figures revealed the rising number of insolvencies.
[May 9, 2008] The latest figures released by The Insolvency Service show that the number of businesses being forced into Administration or Receivership by their creditors has surged in the first three months of 2008.
[April 11, 2008] A new survey suggests that small businesses are defiant in the face of less favourable economic conditions, with many determined to continue with their expansion plans in 2008. However, late payment remains an issue for many companies.
[March 17, 2008] Small businesses are strongly advised to lodge their complaints about unfair business banking charges as soon as possible.
[February 7, 2008] The Bank of England has cut interest rates by 0.25%. The reduction, which brings the current base rate to 5.25%, was expected by many commentators.
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