Interest rates on up to 1 million loans totalling about $100 billion made by private companies to their shareholders – or associates – will rise by more than 70 per cent from July 1, triggering outrage from owners who claim they are being “crucified” by rising costs.

Rates on loans, advances and other credits made by private companies are set to jump from 4.7 per cent to 8.3 per cent, the highest rate in 15 years, according to management consultancy BDO.