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
How do I apply?
You should talk to either your current bank or one of 40 accredited finance providers.
The full rules of the scheme and the list of lenders are shown on the British Business Bank website.
