The Royal Bank of Scotland (RBS) has provided a funding package valued at almost £1m to Eagle Technologies Ltd (Eagle). The loan is through the recently launched Enterprise Finance Guarantee (EFG) Scheme to assist the company to expedite its already impressive track record for growth.

Led by Managing Director Chris Rayner, Eagle was established in 1999 and this year celebrates its 10th anniversary. Headquartered in Bracknell, the privately owned business also has offices in Europe and America.  Eagle is a world class provider of plastic card printer systems and accessories used for creating photo ID, membership, visitor and loyalty cards, amongst others.

The EFG scheme replaced the Small Firms Loan Guarantee Scheme and under this initiative the Government will guarantee lending to viable businesses to ensure that they can get the working capital and investment that they need.

Since launch of the scheme on 14th January 2009, anecdotal evidence has suggested that lenders are interpreting the scheme rules around the taking of security in different ways and indeed Fresh Business Thinking has been told of different interpretations from different regions of RBS.

On a point of clarification The Department for Business Enterprise and Rural Reform (BERR) has confirmed that even if a lender determines that a borrower has access to security in a principal private residence but chooses not to take a charge over the property then that decision does not preclude the lender from making an EFG loan.

Chris Rayner commented; “I am grateful to the RBS team for the professional service we at Eagle have received. The bank has taken time to really understand our business and our future ambitions and provided a bespoke finance facility enabling these plans to be realised. Furthermore, the transition to RBS has been smooth and straight-forward and I look forward to continuing to work with the RBS team as our business continues to grow.”

Mr Rayner confirmed to Fresh Business Thinking that neither he nor his co-directors had to inject any non-borrowed cash nor did they have to give security on their homes or any other nominated fixed asset. “We have given a personal guarantee of just 25% on the EFG valued £225,000 between two directors/shareholders (just £28,125 each declining with each repayment).”

James Starr, Relationship Manager at RBS added: “Celebrating a decade in business, Eagle Technologies has a proven track record of success and I am delighted to be working with this leading and innovative business. The bank’s provision of bespoke funding packages will enable us to support the company’s growth strategy as they continue to expand internationally while continually developing new concepts.”

Mr Starr must be congratulated and it’s refreshing to hear a ‘good-news’ story coming out of the banking sector.