Futurebuilders cuts interest rates

Available to voluntary organsiations borrowing from all Futurebuilders funds and the Social Enterprise Investment Fund

Government-backed social lender Futurebuilders England has cut its interest rates for third sector organisations looking for immediate investment.

The new rates will be available for borrowers from all Futurebuilders funds and the Social Enterprise Investment Fund.

Futurebuilders will offer either a floating interest rate of two percentage points higher than the Bank of England base rate, an interest-free loan for two years, or a fixed interest rate of 2 per cent for five years, rising to 6 per cent thereafter.

The new rates cover investments agreed by 30 November 2009. Funds must be drawn down by 31 March 2010.

"In hard times, Futurebuilders is doing its very best to help third sector organisations access affordable capital," said Sue Peters, managing director of investments at Futurebuilders. "We're seeing historic lows in UK interest rates and this is our response to the current economic climate."

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