All UK businesses with a UK turnover of up to £45 million.
Key Terms :
British Business Bank, on behalf of the government, will guarantee 80% of a loan up to £5 million.
No interest is payable for the first twelve months.
Borrowers will still need to receive approval from the bank’s credit committee. Personal guarantees and other security may be required. Anecodtally, we are hearing that many lenders are not yet geared up to progress new loan applications.