Bank loans for opted out

4th July 1997 at 01:00
More than 50 grant-maintained schools have sought approval from the Funding Agency for Schools to borrow money from the High Street banks, writes Clare Dean.

Up to the end of last month, 32 applications had been approved, 16 were under consideration, five had been withdrawn and three were rejected.

Successful applications ranged from Pounds 5,000 to Pounds 1 million, 10 were for Pounds 300,000 or more.

Loans have been obtained from Barclays Bank, Midland Bank, Yorkshire Bank, TSB, Bank of Ireland, NatWest and others with interest rates varying from 7.5 per cent to 13.9 per cent.

Reasons for the loans ranged from minibus purchases and new computer and technology equipment but the majority were for building works.

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