Calverton Finance accredited under the British Business Bank’s Enterprise Finance Guarantee Scheme
Calverton Finance Ltd (Calverton), the Invoice Finance specialist, has become an accredited lender under the British Business Bank’s Enterprise Finance Guarantee (EFG) scheme. The accreditation will enable Calverton to increase its supply of invoice and asset based finance to viable, smaller businesses that are struggling to obtain the finance they need.
The British Business Bank’s Enterprise Finance Guarantee (EFG) 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 credit requirements.
The EFG programme provides lenders such as Calverton with a government-backed guarantee of 75% of the outstanding balance of eligible facilities, allowing it to broaden its reach to smaller businesses which may have been outside its normal credit appetite.
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 end March 2018).
Calverton has been accredited for both the term loan variant and invoice finance variant of the EFG scheme, the first new invoice finance provider to be accredited since the scheme was redesigned and relaunched last year.
Since being established in 1998, Calverton has provided a variety of invoice finance offerings to UK owner-managed businesses, from start-ups to businesses with sales of up to £10m.
Mark Byrne, Managing Director at Calverton, said: “We are delighted to be an accredited lender with the British Business Bank’s Enterprise Finance Guarantee (EFG) programme. Our aim is to make advances to new and existing clients who have a growing need for cashflow assistance without the usual facility funding restrictions.
“Being an accredited provider under the EFG programme will enable us to offer additional advances through either a short term loan facility – with a capital repayment schedule or a top up revolving credit facility.
“We pride ourselves on supporting owner-managed businesses by providing a solution to their cashflow requirements, and adapt what we do to suit each client’s particular and specific needs. With the EFG programme this will substantially increase the help we can provide, giving our clients more choice when it comes to funding their business.”
Jim McAuley, Director, Guarantee and Wholesale Solutions at British Business Bank said: “The British Business Bank is committed to helping smaller UK businesses access the finance they need to realise their potential.
“We are delighted that Calverton is the first new provider to be accredited to use the invoice finance variant of our successful Enterprise Finance Guarantee (EFG) programme since EFG was expanded and improved in October 2017. This will enable Calverton to increase its supply of invoice finance and asset-based finance to smaller businesses that are working successfully but struggling to obtain the finance they need for future growth.”
For further information, journalists can contact:
James Pignon, MHP
Phone: +44 (0) 20 3128 8755
Scott Shearer, British Business Bank
Alisa Chauhan, Calverton Finance
Phone: +44 (0) 1908 268 888
Notes to Editors:
About Calverton Finance
Established in 1998 and soon to be celebrating their 20th anniversary, Calverton provide funding and back office support to UK owner-managed businesses. The company is headquartered in Milton Keynes, and has recently opened a new southern office in Gatwick.
In a 2017 survey carried out by the Business Money magazine, Calverton were awarded ‘Best Small Invoice Financier’. They have also recently been shortlisted for ‘The Best of the Banking & Financial Services’ by Recruitment International.
Under the Enterprise Finance Guarantee, Calverton will offer a more diverse range of facilities, providing increased support to local and national SME businesses.
For more information please contact Calverton on 01908 268888. Alternatively, please view Calverton’s website at www.calvertonfinance.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. Our 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 £4.6bn of finance to more than 70,000 smaller businesses, and participating in a further £7bn of finance to mid-cap businesses (as at 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. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at www.thebusinessfinanceguide.co.uk/ or download/print a copy.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such.
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 complete legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.
The Enterprise Finance Guarantee (EFG) scheme is administered by British Business Financial Services Limited, a wholly owned subsidiary of British Business Bank plc.