06 Dec Covid19 “Bounce Back” Loan Scheme for Small Businesses
The Government have announced a further scheme for small firms who are struggling to access existing financial support and have been affected by the coronavirus outbreak.
- Fast-track loan scheme with a 100% government-backed guarantee with loans of up to £50,000
- The loan will be interest free for 12 months
- No repayments required for 12 months
- To apply, an easy and short online application will be required with cash reaching businesses within days
- The scheme will launch for applications on Monday 4 May at 9am
For further information please see the link below:
https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
For businesses struggling to access any of the previously announced support schemes, this micro-loan may be very useful. However, it remains to be seen how successful banks will be at making the scheme work following the problems that many businesses have experienced accessing the Coronavirus Business Interruption Loan Scheme.
If you wish to apply you can do so using the following link on Monday 4 May:
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan