Banking services
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NEW BANKING services launched by the Midland Bank are aimed primarily at helping small family businesses, such af. many engaged in the private road transport sector.
A long-term loan scheme provides finance for up to 20 years to assist small companies with capital expenditure plans, generally for amounts between £20,000 and £500,000 for periods of ten to 20 years.
A venture loan scheme, which is a simplified version of the existing medium term loan scheme, provides support for capital expenditure programmes of between £5,000 and £250,000 and is repayable over one to ten years. Interest is charged at three per cent over the Bank's base rate, and documentation is kept to a minimum.
Midland's equity finance division provides equity finance for sums from £5,000 upwards, and as the Bank always invests on a minority basis, control of the business remains with the owner.