Start-ups firms now have easier access to loans
Dec 06 2005
Posted by Gordon as Accounting and Finance, Business Enhancements, Company Formation Tips, General Management, Limited Companies, Off Shore Companies, Partnerships, Strategies, Tax Free Companies, The Sole Proprietor, Tricks of the Trade, UK Companies
Many start-up businesses will now have an easier time getting access to finance as changes to a government loan scheme has resulted in the expansion of the eligibility although the access to young businesses have been limited.
Based on the new rules, applicants to the Department of Trade and Industry’s Small Firms Loan Guarantee may now qualify for a loan with an annual turnover of up to £5.6m.
But the new rules will also limit the funding to businesses under five years old as a way of boosting the growth rate of start-up businesses and young firms.
Company formation and business solutions experts welcome the new rules saying that it will surely boost the number of individuals who might want to go into business on their own.
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