Ahead of this week’s Budget the Chancellor, George Osborne, has launched a new scheme aimed at making it easier for smaller businesses to borrow money.
National Loan Guarantee Scheme
The National Loan Guarantee Scheme (NLGS) will allow small to medium size businesses to borrow money at interest rates 1% lower than outside of the scheme.
Businesses with an annual turnover of up to £50 million will be eligible and so far Barclays, Santander, Lloyds and Royal Bank of Scotland have all agreed to take part; it is hoped that other banks will sign up in due course.
However HSBC, one of the largest business ...