Introduced to support small and micro businesses, loans were issued by mainstream banks and other large lenders but supported by a UK Government guarantee of 100% of the value of the loan (a maximum of £50k or 25% of company turnover). Interest rates on these loans are capped at 2.5% and the Government will cover the first year of interest.
HMS are authorised to provide recovery and collection services for consumer loans, and with it widely expected that a large proportion of these loans will not be repaid in full, the team at HMS are here to support lenders of BBLS loans in their recovery efforts.