New 100% Government backed loan scheme announced
Government has announced a new Bounce Back Loan scheme – a 100% backed loan for small and medium sized 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. No repayments will be due during the first 12 months.
Loan terms will be up to 6 years and Government will work with lenders to agree a low rate of interest for the remaining period of the loan.
Businesses already receiving a loan of up to £50,000 under CBILS can transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
Applications for Bounce Back Loans can be made from 4 May.
Find out how to apply: www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
The Government has a useful business support finder tool that helps the user navigate what coronavirus support is available. Click on the image to be taken to the site.
