Early years providers encouraged to take up loan offer

20 March 2012 1 min read Janaki Mahadevan Early Years Early years education Nurseries

Children's minister Sarah Teather has called on early years providers to take advantage of the government's loan scheme for smaller businesses in preparation for the increase in free childcare places for disadvantaged two-year-olds.

Chancellor George Osborne announced a £20bn National Loan Guarantee Scheme this week (20 March) for small and medium-sized businesses.

Under the programme, firms with an annual turnover of less than £50m will be able to receive a discount of one percentage point compared to the interest rate that they would otherwise have received from that bank outside the scheme.

"The coalition government has an ambitious but vital plan to increase the number of free early years places," Teather said. "The early education and childcare sector is dominated by small businesses and they can now benefit from access to cheaper finance through the National Loan Guarantee Scheme.

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