Small firm loan scheme starts

A loan scheme has been launched for small Jersey businesses unable to secure a corporate bank loan.

The States' initiative is for entrepreneurs or new businesses lacking the security needed for a loan.

The scheme guarantees small firms can borrow up to £250,000 from a local bank, repayable within two to ten years and at a 2% annual interest charge.

Farmers, artists, actors, betting shops and financial services are exempt from applying.

The States will guarantee up to 75% of the value of a business loan.