A new loan facility has been launched for SMEs.
The business loan facility launched by Go Business Loans aims to help small businesses looking for a quick turnaround with short-term loans.
Barry-based Go Commercial Loans will provide loans in the range of £ 2,500 to £ 20,000 to limited liability companies and limited liability companies in Wales and across the UK. Interest rates start at 2.5% per month.
While the government recently announced the launch of its new payback loan scheme, its term loan starts at £ 25,000 and therefore Go Business Loans believes it could offer an alternative option for small businesses not wishing to borrow more than what they need.
Speaking on the launch of the facility, Managing Director David Viera said: “We are aware that some small businesses may find a dearth of options for this loan amount and we are excited to bring a solution to market. at a time when businesses are more and more likely to run into cash flow problems.
The provider said it plans to focus on making quick decisions for its candidates, as well as providing personalized service. The loans will be considered for various purposes and with repayment terms of up to 12 months.
Mr Viera added: “We know that the government and the Main Street banks have done an incredible job supporting businesses as best they can under extremely difficult conditions, but we have identified that there is a shortage of options between £ 2,500 and £ 20,000 and we are very proud that this new facility can help fill this gap.
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Max Woodman, Head of Investor Relations, said: “One of the biggest reasons businesses will enjoy using Go Business Loans is our ability to turn things around quickly, sometimes on the same day.
“Customers will be able to talk to human beings, and speak directly to experienced underwriters if necessary, which we believe will be of real help to businesses that need answers in order to make quick decisions on their own. such a difficult period ”.