HSBC today announced it will extend its Innovative Employer Business Loan scheme which reward the will to grow with low interest rates.
The scheme shows support for innovative businesses looking for growth by offering the favourable terms to companies with strong recruitment and job creation strategies. Targeting growth in SMEs companies in particular the Innovative Employer Business Loan is available to companies with turnovers of up to £2 million.
Originally conceived in March this year as a special offer with the limited life span the scheme is still a temporary feature for the bank but its availability has been extended until December 31, 2011 thanks to positive feedback from new and existing customers.
Eligible companies, who must have HSBC current accounts, can apply in their local branch to qualify for a loan or apply via telephone banking channels.
A standard £100 arrangement fee is applicable.
The scheme offers discounted loan rates from around 4.9% AIR on fixed term, fixed rate loans with repayment terms from 12 months to ten years.
Small business customers that apply for an Employer Business Loan between £1,000 and £25,000 receive a 1% discount on the loan interest rate they pay for each person they have hired in the last six months, up to a maximum of 3%.
For companies who are just starting out on a recruitment drive there is the option of receiving cashback on their interest payments at the end of their loan period for each person hired.
The Innovative Employer Business Loan is part of a campaign by HSBC to prove its commitment to backing viable entrepreneurial and ambitious business ventures. A further part of this campaign includes plans to run a series of local networking events examining finance and lending. The event are designed to educated businesses on options for borrowing and increase the bank’s approachability. HSBC experts will give tip to businesses at these events on how to support growth through both domestic and international opportunities.
For further information and full terms and conditions for the Innovative Employer Business Loan small businesses should contact their local small business adviser, call 0800 328 3047 or visit www.hsbc.co.uk/employerloan.