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IF offers cut-price loansfor SMEs

Intelligent Finance is planning to offer lower-interest loans to small and medium-sized businesses through IFAs next year.

The aim is to minimise the interest paid by linking the balance of a customer&#39s savings with their loans.

Halifax telenet bank IF is launching next monthto the individual market.

It is planning to arm intermediaries with what it terms the “offsetting” banking plan for their corporate clients. Offsetting means customers only pay interest on the difference between their savings and borrowings.

This connection between debt and credit effectively means consumers do not pay interest on their own money.

The bank says it is in the advanced planning stage for its corporate services but offsetting for corporate accounts will be central to the raft of services on offer.

IF says this is a first for the market and will be ideally suited to the small and medium-sized enterprises typically targeted by IFAs although SMEs will be able to access IF through a variety of distribution channels.

IF head of sales Ian Jeffery says: “Although IFAs have a full range of clients, they tend to deal with small to medium-sized businesses, sole traders and partnerships.

“There has been a crying need to service this market which has been receiving a raw deal from the clearing banks.”

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