A Cornish firm of independent financial advisers has welcomed a new initiative aimed at boosting lending to businesses.
The commercial finance team at Truro and Wadebridge based Worldwide Financial Planning believes the introduction of the Government-backed National Loan Guarantee (NLG) scheme will have a positive impact.
The £20 billion scheme, which was launched in March, has now filtered through to Cornwall on a local level and businesses can benefit with a one percent discount on the loan rate during the first five years.
Worldwide’s commercial finance expert, Jeff Lenihan, said: “We have numerous businesses come to us that want support for a range of different reasons.
“Gaining finance has been difficult for some people, but others have been put off by the cost of repayment.
“The one percent discount on the loan rate for the first five years will be a real incentive for those businesses, as well as others that want investment now for growth or consolidation.”
But with banks offering the NLG funding in different ways, Mr Lenihan believes interested businesses should seek independent advice to get the best outcome.
He said: “Using an independent adviser, like Worldwide, who can use extensive knowledge of the market is going to give the business the best route to the fund and help suit specific needs.”
Mr Lenihan also said that if businesses want to benefit they should move fast before the fund runs out.
He said: “£20 billion is a large sum, but many businesses will be going for this funding and it will move quickly.
“SMEs in Cornwall that are considering borrowing over the next year should start to think about how they can access and benefit from this initiative.”
For more information on the National Loan Guarantee Scheme please contact Jeff Lenihan at Worldwide Financial Planning on 01872 222422