The Funding for Lending scheme was set up by the Bank of England with the support of the government to make it easier for entrepreneurs to set up a business.
The scheme allows building societies and banks to approach the Bank of England to borrow money at rates cheaper than standard, for up to four years. In turn, the banks and building societies can offer lower interest rates and access to credit to businesses.
It’s not uncommon for small and medium-sized businesses to require a loan during the early stages of the company. Accessing the finance isn’t always that easy though.
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