Certain nursery businesses that are profitable but owned on a leasehold basis may find it difficult to obtain the necessary bank funding due to being able to offer insufficient security to their bank, namely the freehold interest in their nursery setting.
In these situations, it is worth considering obtaining finance via the Enterprise Finance Guarantee scheme.
The EFG is a government-sponsored initiative which aims to support financing requests for businesses with a turnover of up to £25m who are able to demonstrate that they are able to meet repayment terms, but do not have sufficient security to satisfy normal bank lending criteria. Loans secured under this scheme can be used for a variety of purposes, from providing funding for working capital needs to purchasing assets.
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