IFA welcomes loan scheme

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A Cornish firm of independent financial advisers has welcomed a new initiative aimed at boosting lending to businesses.

Worldwide commercial finance expert, Jeff Lenihan

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.”