In my capacity at Ernest Wilsons in introducing buyers to finance providers I chatted to Lloyds TSB Commercial again today who advised that they have a real appetite to help businesses via the Enterprise Finance Guarantee Scheme. Indeed until 31 December all approved applications benefit from keen rates. Indeed one quote received today for a £100,000 EFG loan (to buy a Sub Post Office) was at 3.1% above base rate, 3.1%! That is keen in my view and no arrangement fee for a short period either (usually 1.5% of loan amount). The Scheme assists a proposed borrower who has a good proposition that meets the usual cannons of lending criteria accept there is insufficient security, in which case the Department for Business, Innovation and Skills will provide a guarantee for 75% of the unsecured loan, subject to a 2% annual guarantee fee. More to it than that, but that is a very quick overview. So don’t wait until after the Xmas holidays to approach Ernest Wilsons if you need help arranging finance to buy that business! These very attractive rates may not be available then. I have to say the Relationship Managers I deal with at Lloyds are certainly hungry to lend. Took another call from a lady needing help with buying a Sub Post Office and the application process, daunted especially by the Business Plan and Interview – no problem glad to help.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment