The DfEE have set up a system whereby small companies can borrow money to go towards training from a major bank without having to pay anything for up to twelve months. This loan can pay for any training or training-related consultancy that will support the businesses objectives and the development needs of the employees.
This initiative is called the Small Firms Training Loan (SFTL). Within the first twelve months the Government will pay the interest, thereafter, the company will have between one and seven years to repay the loan.
The rules that apply to businesses are that there are no more than fifty people employed and that they are either already trading or just about to start.
A company can borrow between £500 up to £125,000 and the sum will depend on the number of people requiring training. If the loan is to go towards training-related consultancy then the company can borrow up to £5,000.
