SJD Accountancy

Contractors thriving thanks to new Government-backed finance scheme

Request Callback

New figures have shown that contractors are finding they are more able secure bank loans, thanks to new government-backed scheme Enterprise Finance Guarantee.

The recent findings have shown that the demand-led scheme has reached its highest level since 2010.

The Enterprise Finance Guarantee (EFG) allows banks to lend to smaller businesses and contractors who would otherwise not receive credit, by providing the banks with a government guarantee for 75% of the loan value.

Since May 2010, over 13,400 smaller organisations have been offered EFG loans with a total value of nearly £1.4 billion; it was also revealed that the value of EFG loans drawn by businesses this quarter was £87 million, the highest in two years.

Business Secretary Vince Cable said, “Ensuring small businesses have access to the finance they need in order to grow and thrive remains a crucial issue. The EFG scheme is making a vital contribution and businesses needing finance should take heart that the banks seem to have upped their game.” 

Matt Hancock, Enterprise and Skills Minister also said, “As the economy recovers, more and more businesses are looking to invest but they can only do so if they can get the loans they need. Today’s figures show EFG supported lending at its highest level since 2010 and this is a reflection of how we have worked with the banks to encourage EFG lending.” 

“We have a record number of businesses in the UK and we are determined to do everything we can to make sure our small and medium-sized businesses are able to succeed both at home and abroad.” 

If you’re interested in making the move from permanent to contracting, why not download our FREE 60 page guide to Contracting through your own Limited company.

For just £120 + VAT per month, SJD Accountancy offers an all-inclusive fixed fee accountancy package, which covers:

  • Year-end accounts*
  • Corporation tax
  • Payroll bureau
  • Dividend administration
  • Dealing with HM Revenue and Customs and Companies House
  • Quarterly VAT Calculations 
  • Support with Annual Returns
  • Personal Taxation
  • Access to your own dedicated accountant* for all help and advice
  • Free bookkeeping software

For more information on contracting, or our accountancy package, speak to a member of our new business team on 01442 275789 or email

For all other news please visit our Contractor News hub, or why not join us on Facebook and follow us on Google+ for all the latest contractor news, views, debates and competitions.

Request a Call Back

We want you to know exactly how our service works and why we need your details. Please read our Privacy Policy before you continue.