BusinessCorporate FinanceNews in Brief: SMEs get full credit

News in Brief: SMEs get full credit

Lloyds TSB is to introduce credit interest on current accounts for SMEs with a turnover of up to £25m per year. The move, a response to the Competition Commission's report into SME banking, takes effect from 10 December 2002. Interest will be paid at a rate of 2.5% below the Bank of England base rate.

FINAX

, part of Bank of Scotland’s Capital Bank Motor division, has launched a new sub-prime finance product for motor dealers. The bank says that FINAX First ‘provides an alternative finance option to dealers, should a customer’s initial application for prime finance be declined’.

Chinese businesses are the most likely to access bank finance at start up with African-Caribbean businesses the least, according to a British Bankers’ Association survey. Some 51% of Chinese businesses, and 31% of African-Caribbean businesses, obtain external finance at start-up, according to the survey.

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