Redwood Bank, based in Letchworth, has begun offering two and three-year fixed rate mortgages for businesses.
It hopes to support SMEs (small and medium-sized enterprises) in the current economic crisis, by offering them the security of fixed rates with a loan to value of up to 75 per cent.
It is a difficult time for local businesses, with soaring energy bills and high levels of inflation following closures during the pandemic. Increases in rent are also common and have already forced a play café in Hitchin to close.
Gary Wilkinson, CEO of Redwood Bank, said: “We want to be able to continue to support our customers, and one of the ways we can do that is by taking away the anxiety that goes with rising interest rates.”
The bank recently celebrated its fifth year by reaching profitability for the first time, and has previously won awards for its services.
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