Research and analysis

Enterprise Finance Guarantee (EFG) scheme: economic evaluation

Research to determine how effective EFG is by examining the economic impact of businesses that received an EFG loan in 2009.



The Enterprise Finance Guarantee (EFG) is the government loan guarantee scheme to help to provide additional lending to viable small and medium-sized enterprises (SMEs) that lack adequate security of track record for a commercial loan. EFG was launched in January 2009 at the height of the credit crunch and has already supported over 20,000 SMEs.

This research comprehensively evaluates EFG for the first time, building on the early assessment undertaken in 2009

This report looks at how effective the EFG was, making comparisons with other borrowers and non-borrowers to assess the extent that EFG contributed to the businesses’ success. The 2009 test group was chosen to allow sufficient time to observe the impact of the scheme using a variety of indicators, including changes to employment, sales, productivity and exports.

The research findings will be used to assist with future policy development of the EFG scheme.

See more information about the EFG loan guarantee scheme.