New 100% government backed loans for small businesses
Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form.
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, to help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4 million jobs through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.
The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days- providing immediate support to those that need it as easily as possible.
This scheme will launch on 4 May 2020.
You can apply for a loan if your business:
• is based in the UK
• has been negatively affected by coronavirus
• was not an ‘undertaking in difficulty’ on 31 December 2019
For more information and support with your application please get in touch with us by email, or alternatively on 0161 495 4700.
More information can be found at https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan