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The overall cost for comparison is 11.6% APR. The rate is variable and based on a usual case, including a broker fee of £2,000 and other fees of £1,330. A valuation fee will be payable. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
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Business loan for staff absence and IT failure
Reported on Wed, 15 Feb 2006
UK businesspeople are being urged to take out business loans to ensure that contingency plans are in place in the event of key staff absence and the failure of IT systems.
A report by the University of Nottingham Institute for Enterprise and Innovation has revealed that 85 per cent of small and medium-sized enterprises believe that they would struggle to operate if their general manager or chief executive was unable to come to work.
With SMEs typically employing less than 50 employees, it is worrying that only one-third of businesses have back-up plans in case of unanticipated employee absence.
The survey also found that IT systems are becoming more and more important among SMEs, with three-quarters saying their business success depended directly upon their IT systems.
One in five SMEs reported that they did not have a failsafe in place if their IT systems were to break down.
A low-rate business loan is an increasingly popular way for SMEs to invest in essential business areas such as ensuring that contingency plans are in place in case of unforeseen absence and equipment failure. 