The UK government has launched a new financial initiative, in a bid to support the British shipbuilding industry, that provides a partial guarantee for loans made to superyacht owners or operators, specifically for new builds, refits, retrofits or repairs by domestic shipyards.
Delivered by UK Export Finance, the Shipbuilding Credit Guarantee Scheme (SCGS) provides up to 80 per cent to a lender making a loan or to the purchaser, with regular payments to the shipyard issued through the lender according to the existing commercial contract. The borrower is given a maximum repayment period of 12 years at either fixed or floating interest rates.
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