New bank scheme
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A NEW scheme from Williams & Glyn's Bank — the Business Borrowing Plan — offers loans for the purchase of plant and machinery or for extending or buying premises. Loans are available at fixed rates or at rates linked to the Bank's Base Rate.
Fixed rate loans under the new scheme are available from £10,000 to £50,000 with repayments over 5 years or less.
With a fixed rate, the borrower knows from the outset exactly what his repayments will be for the entire period — irr pective of changes in mark rates.
For loans for more thi £50,000, or for repaymer spread over more than 5 year loans will be linked to the Bank Base Rate.
The bank says that predictit cash flow can be especially cri cal for small businesses, ar the fixed rate option of the Bu: ness Borrowing Plan cou make budgeting that mu( more straightforward.