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British Business Bank announces County Finance Group as third Accredited Partner for Enterprise Finance Guarantee Asset Finance Variant

Press release 09 August 2018

The British Business Bank has announced that it has accredited Lutterworth-based County Finance Group for the Asset Finance variant of the Bank’s EFG programme. This will enable County Finance Group to offer additional asset finance to smaller business looking to acquire equipment or machinery to boost their growth.

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. Jim McAuley Director, Guarantee & Wholesale Solutions, British Business Bank
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. Dawn Tingay Director, County Finance Group

The Enterprise Finance Guarantee programme 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.

It provides lenders with a government-backed guarantee of qualifying facilities, providing the lender with additional security, therefore potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. 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).

Further Information

Notes to editors

About County Finance Group

Based in Lutterworth in Leicestershire, County Finance Group is an independent finance house that has been lending its own money to a wide variety of businesses across the UK for over 20 years. They provide a range of facilities, including hire purchase, finance leases for asset finance and loans for the professions sector.

County Finance Group has been an accredited partner for Enterprise Finance Guarantee loans for the last five years.

More information about County Finance Group is available at countyfinancegroup.co.uk.

About the British Business Bank

The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting almost £5.2bn of finance to nearly 75,000 smaller businesses, and participating in a further £7bn of finance to mid-cap businesses (as at end March 2018).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.

Enterprise Finance Guarantee is administered by British Business Financial Services Limited, a wholly owned subsidiary of British Business Bank plc.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

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