AskIf launches AskIf funding, a lender accredited under the British Business Bank’s Enterprise Finance Guarantee Scheme
Ask Inclusive Finance, the inclusive tech-enabled funding platform, today announces its plans to transform the finance ecosystem serving small and microbusinesses in the UK, to help kickstart economic growth needed up and down the country.
AskIf’s ambition is to ensure that every creditworthy small and micro business in the UK can get the funding and help it needs to achieve its full potential.
AskIf Funding, the first ‘AskIf-arranged’ lender on the platform, has gained formal accreditation from the British Business Bank to offer loans to small and microbusinesses under their Enterprise Finance Guarantee (EFG) scheme.
Through the EFG scheme, AskIf Funding will be able to lend to viable smaller businesses with insufficient security under normal terms. EFG provides the lender with a government-backed 75% guarantee against the outstanding facility, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.