Barclays business loans get £88million funding boost
26 January 2010 / by Rachael Stiles
Barclays has announced it is making a further £88million available in business loans for small and medium enterprises through the Enterprise Finance Guarantee (EFG).
The EFG is a Government initiative, introduced to help SMEs through the financial downturn, improving the availability of capital while encouraging business growth and development.
Through the scheme, viable businesses with a sales turnover of up to £25million are offered a lifeline through access to business loans which they may otherwise be unable to get due to having insufficient security.
A proportion of the debt is guaranteed by the Government if the customer is unable to repay the loan.
The additional funding for Barclays business loans will join the £150million of EFG loans it has already made in the last year.
Commenting on the success of the scheme, Steve Cooper, managing director of Barclays Local Business, said: “Time and again over the last year EFG has proven to be a superb way to support worthy businesses.
“We’re a big believer in EFG – through it we’ve been able to assist over 1,650 businesses with loans.”
Of the extra funding which Barclays loans has added, Mr Cooper said: “The new funding we’re announcing is going to continue that good work, to help more businesses become successful and help pull the UK out of recession.”
The EFG covers a “key gap in the market,” he said, to which Trade, Investment and Small Business Minister Lord Davies added:
“The Enterprise Finance Guarantee has helped thousands of viable businesses access the finance they need to withstand the recession and prepare for recovery. Following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy.”
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| Lender | Min – Max Loan | Credit History | Representative APR | Term | Apply |
|---|---|---|---|---|---|
 Zuto Car Loans |
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| Take charge of your car finance with Zuto. Loans of £1,500 – £50,000 for 2-5 years. Representative Example: The Representative APR is 19.1% (fixed) so if you borrow £7,500 over 49 months at a rate of 19.1% p.a. (fixed) you will repay £218.78 per month and repay £10,501.26 in total. b> | |||||
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|---|---|---|---|---|---|
 Zopa Loans » |
£1,000 to £25,000 | Good Credit Only | 3.0%
APR (£7,500-£15,000) |
1 year to 5 years | Get Quotes > |
| Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 3.0% APR Representative. A loan of £10,000 over 5 years will cost you £179.68 per month at a representative 3.0% APR. The total cost after 5 years is £10,780, which includes £780.80 interest at 3.0% fixed and a £0 fee. The total amount of credit is £10,000. The rate and fee you are offered will depend on your individual circumstances | |||||
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| Loans from £1,000 to £20,000. Instant online decision. Representative 3.0% APR. Based on a loan amount of £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed). Monthly repayment of £179.51. Total amount repayable £10,770.60. | |||||
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2 to 5 years | Get Quotes > |
| Loans from £2,500 to £25,000. Fixed monthly payments and no set-up charges. 3.3% APR Representative. A loan of £5,000 over 3 years will cost you £135.61 per month at a representative 3.3 APR. The total cost after 5 years is £8,136.60. The rate and fee you are offered will depend on your individual circumstances | |||||
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APR |
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| Rebuild Your Credit. Instant Online Decision using ‘soft’ credit searches (Won’t affect your credit score). Funds as soon as same day. No early repayment fees. Dedicated Customer Support Team. Representative Example: If you borrow £3,000 over 3 years at a rate of 31.9% per annum (fixed) you will repay £137.31 per month & £4,943.25 in total. | |||||
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| Lender | Min – Max Loan | Credit History | Representative APR | Term | Apply |
|---|---|---|---|---|---|
 Nationwide Loans |
£7,500 – £14,999 | Excellent Credit Only | 3.90% | 1 to 5 Years | Get Quotes > |
| 3.90% APR for new customers. 3.60% APR for existing customers. Loans of £7,500 – £15,000 for 1-5 years. Representative Example:If you borrow £10,000 over 5 years at a Representative rate of 3.9% APR fixed and an interest rate of 3.90% you would pay £183.41 per month. Total charge for credit will be £1,004.48. Total amount repayable is £11,004.60. b> | |||||
 Santander Loans |
£7,500 – £20,000 | Excellent Credit Only | 4.44% | 1 to 5 Years | Get Quotes > |
| All | |||||
 RateSetter Loans (Excellent Credit History Only) |
£1,000 – £25,000 | Excellent Credit Only | 7.00% | 6 Months to 5 Years | Get Quotes > |
| Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 7.0% APR Representative. Based on an assumed loan amount of £5,000 over 24 months at an interest rate of 7.0% p.a. (fixed). Monthly repayment £223.86. Total amount payable £5,372.64 | |||||
 AvantCredit Loans |
£1,000 – £20,000 | Poor Credit | 48.50% | 1 to 3 Years | Get Quotes > |
| Provider | Loan Amount | Credit History | Rates From | Term | |
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£10,000 to £250,000 | Good Credit Only | 4.45% | 3 to 25 Years | Get Quotes > |
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£20,000 to £100,000 | All Credit Histories Considered | 4.45%
APR |
3 to 30 Years | Get Quotes > |
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3 to 25 Years | Get Quotes > |
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£10,000 to £50,000 | All Credit Histories Considered | 9.0%
APR |
5 to 25 Years | Get Quotes > |
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
| Provider | Min – Max Loan | Credit History | APR | Term | Max LTV | Apply |
|---|---|---|---|---|---|---|
 Masthaven Loans |
£5,000 – £80,000 | Fair Credit | 9.95% | 3 to 25 Years | 60% | Get Quotes > |
|
£10,001 to £50,000 | Poor Credit | 15.00% | 5 years to 25 years | 70% | Get Quotes > |
 The Loans Engine » |
£10,000 – £500,000 | All Credit Profiles Considered | 15.10% Typical (Variable) |
3 Years – 25 Years | Up to 90% | Get Quotes > |
| The Loans Engine are a broker, not a Lender. The Loans Engine will connect you with a Lender suitable for your needs. They do not charge you an upfront fee but if your application is successful a Broker commission may be charged. | ||||||
 Evolution Loans » |
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
| Lender | Min – Max Loan | Credit History | Representative APR | Term | Apply |
|---|---|---|---|---|---|
RateSetter Loans |
£1,000 – £25,000 | Excellent | 7.90% | 6 Months to 5 Years | Get Quotes > |
| Loans from £1,000 to £25,000. Fixed monthly payments and no set-up charges. 7% APR Representative. Based on an assumed loan amount of £5,000 over 24 months at an interest rate of 7.0% p.a. (fixed). Monthly repayment £223.86. Total amount payable £5,372.64 | |||||
Nationwide Loans |
£1,000 – £2,999 | Good Credit Only | 13.70% | 1 to 5 Years | Get Quotes > |
| 3.90% APR for new customers. 3.60% APR for existing customers. Loans of £7,500 – £15,000 for 1-5 years. Representative Example: 3.90% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 3.90% p.a. (fixed). Monthly repayment £183.41. Total amount payable £11,004.60. b> | |||||
Santander Loans |
£1,000 – £2,999 | Good Credit | 21.14% for loans up to £2,999 | 1 to 5 Years | Get Quotes > |
| All | |||||
AvantCredit Loans |
£1,000 – £20,000 | Poor Credit | 48.50% | 1 to 3 Years | Get Quotes > |
 UK Credit (Guarantor Loan) |
£1,000 – £5,000 (Guarantor Loan) | All Bad Credit Considered | 53.80% | 1 to 5 Years | Get Quotes > |
Fair Investment Company is independent and provides a selection of some of the leading loan deals available. Our service does not compare or contrast all of the loan deals currently available in the market. If you would like to arrange any of the products shown in the table please click on the “Apply” link which will take you to the provider’s website where you will be able to view further details of the product and apply online.
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