May 01st, 2020

New Governmental financial support for small business
 
 100% government backed loan scheme for small business- Bounce Back Loans scheme
The scheme will launch for applications on Monday 4 May.
 Firms will be able to access these loans through a network of accredited lenders.
 
Outcome:
To help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders
 
Characteristics:
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
 Businesses can apply online through a short and simple form.
 Provide loans of up to £50,000.
Will provide lenders with a 100% guarantee for the loan
Pay any fees and interest for the first 12 months.
No repayments will be due during the first 12 months.
The programs come   in addition to business grants, tax deferrals, and the job retention scheme, which are already helping small businesses.