SFLG - Small Firms Loan Guarantee Scheme

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Car Loan Application Online - Why You Should Apply Online Instead of Through a Dealer
Applying for a car loan online is easy. If you are buying a new or used car, you have several options. These include obtaining dealership financing, bank financing, and financing through an online finance company. There are several benefits to using an online auto loan company. These companies specialize in all types or loans, for all types of credits. Moreover, the application is straightforward ... Read loans article



Apply For a Business Loan
Worried about how to apply for a business loan? Although it may seem like a daunting task at first, it can be made less so by careful preparation. When applying for a business loan, you must prepare a written loan proposal. Make your best presentation in the initial business loan proposal and application; you may not get a second opportunity.

Always begin your proposal with a covering l... Read loans article



SFLG - Small Firms Loan Guarantee Scheme
The Small Firms Loan Guarantee scheme - SFLG -has been in existence to enable small businesses with a viable business plan, but lacking security, to borrow money from approved lenders. The Small Firms Loan Guarantee scheme (SFLG) is a joint venture between the DTI and the approved lenders.

The scheme will provide loans between £5000 and £100,000 for companies with a trading record of less than 2 years and this amount is increased to £250,000 for the older businesses. The DTI do not lend the money as they leave the commercial decision to the bankers.

The borrowers are not asked to provide personal guarantees although any personal security will be requested by the bank prior to a SFLGS application being considered. The DTI will provide 75% of the security to the bank on acceptance by them of the application. Certain businesses are not available for the loan and companies with more than 200 employees are not eligible. Turnover in the prior year to the application must be below £5m for manufacturing industries and £3m for all other businesses. In addition a premium on the amount outstanding is charged by the bank.

NOTE: Changes to the Small Firms Loan Guarantee scheme (SFLG) came into effect from 1 April 2003 meaning that more businesses may be eligible. The changes include:

A single guarantee rate of 75% for all new loans;
Sector exclusions removed for retailing, catering, coal, hairdressing and beauty parlours;
The maximum turnover level for non-manufacturing businesses increased from £1.5m to 3m;
The premium paid by the borrower set at 2% per year on the outstanding balance for all new loans.
Changes may continue to be introduced by the government and we are happy to advise on the current situation.

The importance of a carefully prepared business plan is often under-estimated. The borrower must convince the potential lender that he or she has a viable business proposal. There is a need for a specialist funding plan to be created identifying closely the compliance with the requirements of the scheme and the banks and our consultants have wide experience in meeting these needs. A potential lender would expect to see information on:

Management: key personnel, their experience, knowledge of the industry, age, education and training;
Product or service: details of product or service on offer, state of product development, any follow-up products or services;
Markets: description of the market and its size, customers, competitors, sales estimates and expected market penetration. Sales forecasts should be supported by hard evidence and research wherever possible. Also an explanation of how the business will succeed in the market against competition;
The business: when started, results to date, borrowing history, existing commitments, current bankers;
Objectives and Strategy: business objectives, timetable and assumptions, risk factors, longer term plans;
Financial Projection: projections of at least one year's future performance together with supporting assumptions and evidence (order books, customer enquiries). Projections should include profit and loss account, monthly cash flow projections, balance sheets and capital expenditure budget;
Finance Required: total funding required based on projections, application of those funds, repayment assumptions. Purpose of finance, detailing capital expenditure;
Security Available: what assets are available as security (personal assets as well as business assets). Also what assets have been used as security elsewhere;
Management Information Systems: accounting systems used by the business, ability to produce regular management accounts;
Principal Risks: most likely areas of risk and ability to cope with these. What happens in event of sickness or injury to key personnel?

John Courtney AIMC, MABS, MInstDis, is the managing director of Strategy Consulting Limited (http://www.strategyconsultinglimited.co.uk). Having trained at The Academy of Business Strategy, and is an associate of the Institute of Management Consultancy and a member of the Institute of Directors, he is also a visiting lecturer on the MBA course at Cranfield University School of Management and a Judge in The National Business Awards. John has run training seminars at board level on corporate strategy and made presentations to both large and small groups on funding strategies. He brings a wealth of experience, particularly in corporate strategy, funding, business planning, internet strategy and marketing strategy, including new product development.

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Payday Loan

You may be in the position where it may be impossible to see how you can possibly make it through a financial problem; this is why many people are very grateful to the Payday Loan Companies. This type of short-term loan can be extremely helpful in getting you over a short-term tough money problem and has been very helpful to many people who are in a financial fix.

Payday Loans were crated because of the need many people have for an easy, quick short-term loan. Often getting a Payday Loan advance may be the only way that you can pay those unexpected bills or expenses.

Everyone has different reasons for getting a much needed and appreciated cash advance. This is the only financial safety net that a lot of people have epically if they have had credit problems in the past.

The other great benefit of getting a Payday Loan is that the loans are very easy to get and you usually get the money within 24 hours or at most a few days. It may even be possible to get the money from the loan in less than 24 hours after being approved with some Payday Loan advance companies. This is great for people who need the money quickly to pay a bill by a deadline. If you need money urgently, you may be pleasantly surprised by how quickly you can get money through the Payday Loan process.

Being able to solve your short-term money problem when you need to pay a bill is wonderful; Payday Loans can help you to get out of a financial bind for at least a little while. It can also help you to relax knowing that a specific bill is paid and not hanging over your head. If you are in financial difficulties, then a Payday Loan may be the right choice for you, but remember that they should only be used if no other source of finance is available to you, and you must pay the loan back on your next payday failure to do so will lead to even greater financial difficulties.

For further vital information news and views about Payday Loans pay a visit to http://www.paydayloancenter.info.

You may reproduce this article provided you maintain an active link back to http://www.paydayloancenter.info.


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SFLG - Small Firms Loan Guarantee Scheme
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