HGV driving firms now eligible for loan scheme

It seems the case that UK-based HGV companies and firms are now eligible to apply for funding under the Government’s EFG (Enterprise Finance Guarantee) scheme. The scheme was officially designed and launched in January this year, mostly in order to try to get UK-based banks to lend or start lending again.

Thus, according to both the RHA and the FTA, most of their members tried to apply for loans through or with the assistance of this particular EFG programmed, but were told by their banks that certain, if not most, road haulage firms were excluded. Both the FTA and RHA seem to agree that the scheme needs improvement.

But what is more, the Department for Business Enterprise and Regulatory Reform (BERR) has since revised and reviewed the EFG restrictions and now officially confirmed and stated that HGV driving firms and companies are now eligible to apply for the EFG, Government-supported scheme, and get their EFG loans.

In conclusion, both the FTA and the RHA had already welcomed the change, but stating it would be nice to see the government go slightly further by perhaps helping UK-based firms, HGV companies and haulers make significant and quite notably beneficial investments in their businesses through the introduction of grants.