Egomark, which distributes brands including Féraud, Marlboro Classics and Kenzo, has received funding under a government scheme to help small businesses through the recession.
Egomark has received £200,000 of funding under the government’s Enterprise Finance Guarantee scheme. The scheme allows businesses to receive loans and overdrafts from banks, with the government guaranteeing the majority of the loan.
The Enterprise Finance Guarantee scheme aims to provide working capital or investment finance for profitable small and medium-sized businesses to help them through the recession.
Under the Enterprise Finance Guarantee scheme the government will guarantee 75% of any loans made by banks to the business, with the bank covering the remaining 25%.
The extra funding for Egomark is part of a financial restructuring package for Egomark agreed with the Royal Bank of Scotland (RBS).
Egomark managing director Frank Siracusa said: “The extra funding through RBS has offered us greater flexibility with regards to cash flow. The current economic climate is a worry for everyone and we find it very comforting to have the funding in place and know that we can spend our energy on continuing to make the business a success.”
The Enterprise Finance Guarantee scheme is open to profitable businesses with an annual turnover of up to £25m, which are looking for loans of £1,000 to £1million. Lending decisions are made on a case by case basis.