Funding news

Cut in interest rates for Futurebuilders and SEIF - Thursday 20 August 2009

Organisations that are looking for new funding through Futurebuilders Funds and the Social Enterprise Investment Fund (SEIF) will be eligible for the new flexible rates.

The new interest rates include:

  • Interest-free for 2 years; offering a 0% interest rate for an initial two year period. After the two years the interest rate will revert to our standard fixed rate.
  • Fixed interest of 2% for 5 years; offering a fixed interest rate of 2% for the first five years. After five years the interest rate will revert to our standard fixed rate
  • Floating rate of 2% over base rate; offering a floating interest rate of 2% over the Bank of England base rate for the duration of the loan term. The minimum interest rate is set at 2% and the maximum at 10%.

To qualify for the new rates, all new investments will have to be agreed by 30 November 2009 and the funds drawn down by 31 March 2010.