Higher Interest Rates for Businesses

Almost 6,000 companies face paying higher interest charges on their Government-backed business loan from January 1 after an 11 month-long discount deal with the European Commission ends.

The premium charged by the Government for its guarantee at the heart of the Enterprise Finance Guarantee (EFG) scheme has rocketed by a third to 2pc after a temporary exemption from EC state aid rules expired.

The price rise affects the 5,800 existing loans drawn down by companies as well as more than 3,000 other loans already approved by the Business Department.

January 7, 2010 at 1:27 am | Business Loan | No comment

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