The government is launching a new fast-track finance scheme which will allow businesses to borrow between £2,000 and £50,000 with the money being accessible within days and loans being interest free for the first 12 months. The scheme is designed to provide small firms with immediate financial support to keep operating.
The Government, which has been consulting extensively with business representatives about the design of the new scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
The loans will be easy to apply for through a short, standardised online application. Loans should reach businesses within days – providing immediate support to those that need it as easily as possible.
The scheme will launch for applications on Monday 4th May .
For more information click here.
Bounce Back Loans Scheme Announced
Published - June 24, 2020/Last Updated - July 14, 2020
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