FMB launches banking services

摘要

The Federation of Master Builders has launched a banking service for members who need funding to secure vehicles or plant. The first customers are going through the process of getting a loan, provided through the FMB by Bira Bank - a members-only lender run by the British Independent Retailers Association. The typical size of loans is expected to be between £5,000 and £20,000, with firms charged a 2.6% flat rate of interest for finance for new vehicles or equipment and 2.9% for finance for used plant. The FMB, which also offers 2.5% interest on savings accounts, said there were no hidden fees and that it would not charge customers for documentation or early settlement. FMB chief executive Brian Berry added that he is hoping to widen the scope of financing next year.