The Government backed National Loan Guarantee Scheme launches on the 4th April assisting small and medium sized businesses with the cost of borrowing money.

All of the major lenders are taking part in the scheme, which applies to Loans, Hire Purchase, and Leasing Finance, and provides a discounted interest rate in comparison to the rate that banks will normally charge, for new loans.

To be eligible for the scheme you will need to be accepted under the lenders normal lending criteria, so you will need to present a strong business plan proving that you can afford to repay the loan over the term requested.

If you are currently speaking to your bank about finance, make sure you mention NLGS and your banker will be able to quickly tell you whether or not you are eligible.