A new loan facility has been launched aimed at SMEs.
The business loan facility launched by Go Business Loans aims to help support small businesses seeking quick turnaround with short term lending.
The Barry-based Go Business Loans will provide loans of between £2,500 and £20,000 to limited companies and LLPs in Wales and across the 海角视频. Interest rates start at 2.5% per month.
While the Government recently announced the launch of its new Recovery Loan scheme, its term loan starts at £25,000 and so Go Business Loans believs it could provide an alternative option for small businesses not wishing to borrow more than they need.
Speaking on the launch of the facility, managing director David Viera said: “We are aware that some small businesses may find a shortage of options for this amount of borrowing and we are delighted to bring a solution to market during a time that companies are increasingly more likely to encounter cash flow challenges.”
The provider said it plans to put an emphasis on speedy decisions for its applicants, as well as delivering a personal service. Loans will be considered for a range of purposes, and with repayment terms of up to 12 months.
Mr Viera added: “We know that the Government and the high street banks have done an incredible job in supporting businesses as best they can in extremely difficult conditions, but we have identified there to be a shortage of options between £2,500 and £20,000 and we are very proud that through this new facility we are able to help plug that gap.”
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Max Woodman, head of Investor Relations, said: “A key reason businesses will enjoy using Go Business Loans is our ability to turn things around quickly, sometimes the same day.
" Customers will be able to talk to human beings, and speak directly to experienced underwriters if necessary, which we feel will be of real help to businesses who need answers in order to make quick decisions themselves during such a challenging time”.