GOVERNMENT BACKED BOUNCE BACK LOAN SCHEME FOR SMALL BUSINESSES
On the 27th April 2020 the Chancellor announced the implementation of a new Loan Scheme aimed to ease the financial burden on small businesses caused by the Covid-19 pandemic
The Bounce Back Loan scheme will benefit small businesses with access to a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders
The scheme is designed to ensure that small firms needing cash to keep operating can access finance in a matter of days, providing immediate support to those that need it as easily as possible.
The Bounce Back Loan Scheme, as it stands, includes the following:-
• businesses will be able to borrow between £2,000 and £50,000
• Business will be able to access the cash within days of a successful application
• loans will be interest free for the first 12 months,
• businesses can apply online through a short and simple form
• No repayments will be due on the loans within the first 12 months
• no charges applied
• The scheme is expected to go live on Monday 4th May 2020
• Businesses will be able to access the Bounce Back Loans Scheme through a network of accredited lenders.