Government funding small business

lordy31

Contacted NatWest bank to get a small business loan that the government are offering with no interest but as I have good credit the bank is only offering there normal loans and overdraft with interest and also want me to be a personal guarantee this is totally unfair why should I borrow money and pay interest when my company is told to shut down 

Jeremy535897

They hold all the cards, but read the guidance:

The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The scheme will be delivered through commercial lenders, backed by the government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all the major banks.