Ask UK YC: Have any England startups been able to get an EFG loan?

Hi everyone,

We are considering applying for an EFG loan to finance expansion for our startup. The EFG scheme is part of Gordon Brown's magic business bailout package. It seems to only be available for England, and replaces the small firms loan guarantee. This handy URL partially explains it, but not very well:

http://www.berr.gov.uk/whatwedo/enterprise/enterprisesmes/info-business-owners/access-to-finance/sflg/page37607.html

Our thoughts are that if the government is prepared to 75% an unsecured loan, and we're going to put in 25% cash to mitigate the bank's risk entirely, the bank should snap our hand off.

Are we right? Or is this a huge waste of time?

Has anyone had success applying for one of these to fund a business based on just a business plan?