FundingNet Announces Interest Rate Freeze
The recent Global Pandemic has created an enormous amount of volatility and uncertainty in the markets, as well as across the economies of the world. In response to this, governments are slashing interest rates in an effort to stimulate economies and to help offer financial support to those Companies in need. As a result, LIBOR has been in free fall for the last few weeks; keep in mind though that these low rates will only last until the Covid19 situation is under control, after which it will return to its normal levels.
FundingNet/FilmCabbage however, is a private business and we need to maintain profitability through this crisis or risk not being able to maintain our business model. As a result, as of March 19, 2020 we are freezing our loan interest rate at 3.5% per annum until further notice. When the crisis has passed we plan to return to our standard LIBOR-based interest rates.
Stay safe everyone!