Lending program to help businesses access finance as Britain’s economy restarts after a severe recession lockdown, offering a higher financial lending rate of 10 10 million ($ 14 million), is now being activated by the government.
Finance Minister Risi Sunak said the reported loans, ranging from .00 25,001 to 10 10 million, would replace existing lending programs for COVID-19 and will be at the top of the government lending program, which has been activated for companies to restart their commercial activities.
The mentioned lending program will be supervised by the British Business Bank, with the provision of loans through commercial lenders and market players, with the government providing a guarantee of 80%, as broadcast by AMPE.
The validity of the lending program will be until the end of the year and the limit for the amount of the borrowing interest rate was set at 14.99%.
The government urges lenders to keep interest rates low for the protection of jobs, while he has announced that so far the emergency loans he has granted have supported loans of an economic amount of over 75 billion pounds.
“As we safely reopen parts of our economy, our new business recovery lending program [new Recovery Loan Scheme] “It will ensure that businesses continue to have access to the funding they need as we emerge from the crisis,” Sunak said.
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