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BBA welcomes impact of loans scheme
The comments, from the British Bankers' Association BBA, follow an announcement from the business secretary Lord Mandelson, showing that £40 million of loans have been offered by banks in the scheme so far.
This is despite the plan having been launched five weeks ago.
A lack of available credit from banks has been one of the prime factors behind the economic downturn, analysts say.
Not being able to secure loans have led some firms to cut output and reduce staff - putting negative pressure on GDP figures.
BBA director Paul Ross said: "The Enterprise Finance Guarantee scheme is only in its infancy but is already helping banks provide small business finance to viable businesses which might otherwise struggle to get credit.
"Banks are working closely with their customers to help them in difficult economic conditions and with the government to find new and innovative ways to support the UK economy and to provide lending to firms."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-02-23 12:02:18 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Alliance & Leicester - Semi-Exclusive Personal Loan | ||||
 
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £402.86 | 8.0% | Fixed | £24,171.67 | |
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Representative example: based on a loan of £20000 Representative APR 8.0% Fixed. Total amount repayable £24,171.67 at £402.86 per month for 60 months. • Alliance & Leicester Personal Loans are provided by Santander UK plc |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £410.87 | 8.9% | Fixed | £24,652.44 | |
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Representative example: based on a loan of £20000 Representative APR 8.9% Fixed. Total amount repayable £24,652.44 at £410.87 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Norton Financial Services - Secured Loan | ||||
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Norton Financial Services
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £433.30 | 11.4% | Variable | £25,997.90 | |
|
Representative example: based on a loan of £20000 Representative APR 11.4% Variable. Total amount repayable £25,997.90 at £433.30 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Homeowner Loan | ||||
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|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £451.40 | 13.4% | Variable | £27,083.81 | |
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Representative example: based on a loan of £20000 Representative APR 13.4% Variable. Total amount repayable £27,083.81 at £451.40 per month for 60 months. UK Secured Homeowner Loan |
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