Welsh company found loan with Government guarantee
15 July 2009
Jimmy Johnston of J and J Commercials Ltd (left) with Dave Farmer of lender Barclays
A Cardiff-based commercial vehicle rental business got a £25,000 bank loan, despite tighter lending conditions, thanks to a Government finance guarantee.
The Enterprise Finance Guarantee assists good businesses which, because they do not have credit history or cannot offer security, would not otherwise be able to get the finance for their business to survive and grow.
Jimmy Johnston, company director of J & J Commercials Ltd, based at South Point Industrial Estate in Cardiff, said: “We specialise in the rental and servicing of commercial vehicles but as the economic downturn has taken hold we have seen a drop in customer demand as everyone looks to tighten their belts and cut costs.
"This loan has been a godsend as it injected vital cash flow into the business allowing us to plan and adapt our business to the current environment. The Enterprise Finance Guarantee loan was simple to apply for and has given us the vital breathing space to weather the initial impact of the downturn."
Dave Farmer, Barclays local business manager, said: "Enterprise Finance Guarantee covers a key gap in the market – companies that are viable, perhaps even strong, but could not get a loan because of they do not have security or they lack credit history."
For more information on the Enterprise Finance Guarantee Scheme visit
http://www.businesslink.gov.uk/
