A Cornish firm of independent financial advisers has welcomed a new initiative aimed at boosting lending to businesses.
The commercial finance team at Truro and Wadebridge based Worldwide Financial Planning believes the introduction of the Government-backed National Loan Guarantee (NLG) scheme will have a positive impact.
The £20 billion scheme, which was launched in March, has now filtered through to Cornwall on a local level and businesses can benefit with a one percent discount on the loan rate during the first five years.
Worldwide’s commercial finance expert, Jeff Lenihan, said: “We have numerous businesses come to us that want support for a range of different reasons.
“Gaining finance has been difficult for some people, but others have been put off by the cost of repayment.
“The 1% discount on the loan rate for the first five years will be a real incentive for those businesses, as well as others that want investment now for growth or consolidation.”