The Government will help small businesses access bank lending by providing guarantees of 80% on each loan.
What can I get?
Loans, overdrafts, invoice finance, and asset finance of up to £5 million and for up to 6 years are being supported.
The loans themselves will be through commercial banks, however, the first 12 months of interest will be covered by the Government, as well as any lender-levied fees.
This means that smaller businesses will have no upfront costs and initially, lower repayments.
Am I eligible?
To be eligible, your business must:
- Be based in the UK
- Have revenues of no more than £45 million per year
- Meet the other Brtish Business Bank criteria