Limited (CfEL), an arm's length body which was the UK Government's centre of knowledge and expertise in SME finance interventions. On 1 October 2013, CfEL became part of the British Business Bank which is now responsible for the EFG. The EFG scheme has been temporarily replaced by the Coronavirus Business Interruption Loan (CBIL) scheme in response to the global COVID-19 pandemic, although there are no indications of when, or indeed if, the EFG scheme will be reinstated. Some experts have called for the scheme to be reinstated alongside the CBIL scheme. The CBIL scheme effectively replaced the EFG scheme to enable rapid delivery through main and secondary lenders utilising an already established platform of delivery that was used to distribute the EFG funding to businesses. There are some key changes to the format of the CBIL loan however, of notable value; the removal of the requirement for directors to personally guarantee the loans (up to £250,000) and secondly, an increase in the government backed guarantee to 80%. Main Principles BIS requires that before sanctioning any facilities under EFG the Bank has confirmed the following: the applicant’s plans are viable and would meet our usual commercial requirements for a loan. the Bank would wish to lend to the applicant and that all the applicant’s available collateral has been exhausted. EFG loans may be used to refinance existing overdraft borrowing (the current utilisation not the limit). The Bank must however be prepared to continue to make available an appropriate working capital facility following the refinance; it is not permissible to use EFG finance to simply terminate all existing overdraft debt and not provide working capital finance. Eligibility Businesses of any age may apply for EFG. There is no maximum number of employees. The applicant’s turnover during the previous 12 months must not exceed £41m. This ceiling was increased from a £25m turnover in March 2012. Where an applicant is part of a corporate group (whether a parent, subsidiary or holding company), the £41m figure relates to the entire group. There are few sectoral restrictions although an eligibility check should be undertaken in the event of a customer operating in any of the following sectors or in any other instances in the event of doubt:- Fishing Agriculture Shipping Forestry Performing Arts Education Healthcare Social Care Services Coal and Steel Purpose of Facility • EFG loans may only be used for business purposes, principally