Aldermore signs up for loan guarantee scheme
ALDERMORE has become the fourth bank to commit to the Government’s National Loan Guarantee Scheme.
The bank, which has a base in Birmingham city centre, joins Barclays, Lloyds and Santander in backing the £20bn credit-easing scheme designed to help small businesses.
The scheme will see the Government provide guarantees on unsecured borrowing by banks who will pass on the benefit to businesses with turnover below £50m.
Businesses that borrow through the National Loan Guarantee Scheme will be promised a one percentage point discount on the interest rate.
Phillip Monks, CEO of Aldermore, said: “Britain’s small businesses are the lifeblood of the economy and the source of vital growth in the future.
“Since 2009 Aldermore has lent £771m to over 9,000 small and medium-sized enterprises. We are championing the British SME and eager to do more.
“I am pleased that Aldermore will be playing its part in backing Britain by participating in the Government’s National Loan Guarantee Scheme. By ensuring that the credit easing initiative is economically viable for a challenger bank like Aldermore, the Government will enable us to continue supporting smaller firms, while simultaneously promoting competition within the banking sector. “
Aldermore is backed by AnaCap, Morgan Stanley Alternative Investment Partners, Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System.
