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This article appeared in the York Press on Tuesday, September 1, 2009

Access to Finance

Jeremy Oliver, corporate finance director at Garbutt & Elliott

Last month I outlined the Enterprise Finance Guarantee scheme, a £1.3 billion loan guarantee scheme being delivered through the banks, which provides a 75 percent Government guarantee to underwrite loans to viable businesses with less than £25 million turnover.

The scheme is accessed through participating lenders and most funders are now considering applications under the scheme from viable businesses that are well prepared with good information.  Applications go through the banks’ normal credit procedures in order to be eligible for a loan and this is often where help is needed.

When reviewing funding applications, funders need to be satisfied that the information presented demonstrates a viable and well thought out business case with appropriate narrative and financials.  Having the correct information in the right format to enable the funders to make a quick decision is one of the most important aspects. 

So it is imperative that businesses are professionally helped to prepare suitable information in a form and content acceptable to funders.  Professional advisers should be prepared to work with businesses to plan for meetings with funders and in many cases, we attend meetings alongside businesses. 

Clearly having a recognised professional financial advisor to support the process adds credibility to, and validates, the application.

Garbutt & Elliott continues to run Access to Finance workshops where attendees receive information about the different sources of finance and financial support available to them. 

Further events are arranged for September 22 and October 13, Businesses are invited to contact Rebecca Green on 01904 464100 for further information or to book a place.

Financial support is often available in the form of a fully-funded financial health check to assist with a review of the business, including revenue and cash flow performance and costs and overheads. 

Make sure that there is a diagnostic approach to reviewing businesses, one which considers how and where businesses can make or save money.