Loan guarantee helps small firm secure contract
14 May 2009
Green Energy Options Ltd CEO Patrick Caiger-Smith secured finance through a Government-backed guarantee
Green Energy Options Limited (GEO), a Cambridge based energy services company, is undertaking a multi-million pound contract after securing a 1 million pound funding line from its bankers under the Government’s Enterprise Finance Guarantee.
In the current climate, businesses are finding it increasingly hard to access the finance they need, particularly working capital. This is not because the business has suddenly transformed from a success to a failure; but because the current economic conditions have made a significant impact on the availability of capital as the banks change their approach to risk and tighten lending conditions.
Under the Enterprise Finance Guarantee (EFG), the Government will guarantee lending to viable businesses to ensure that they can get the working capital and investment that they need.
Patrick Caiger-Smith, Chief Executive Officer at Green Energy Options Ltd, said:
"To fulfil orders on this scale, there is a big funding requirement to meet the logistical demands that are placed upon us and we are delighted to have agreed this funding package with our bankers who have supported us since the inception of the company. In today's tougher environment there was some trepidation about our ability to raise the level of funding required but we have been delighted by the response from NatWest and the flexibility the structuring of the loan under the EFG scheme provides."
For more information on the Enterprise Finance Guarantee Scheme visit
http://www.businesslink.gov.uk/
