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100% Government backed loan scheme for small businesses announced

Tuesday 28th April 2020


Businesses will be able to borrow from £2,000 up to £50,000 to support those affected by the coronavirus pandemic.

Information published by HM Treasury yesterday (27/04/2020) stated “businesses will be able to borrow between £2,000 and £50,000 and access the cash within days” and that “loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form”.

 

The new Bounce Back Loans scheme, designed to help small businesses keep operating, can assist in gaining financial assistance in a “matter of days”. HM Treasury note this “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 Bounce Back Loans 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 scheme will launch for applications on Monday 4 May.

 

Businesses will be able to access these loans via a network of accredited lenders. Please see Government information for further updates.

 

HM Treasury also note “the new scheme will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS)”.

 

Source (Bounce Back Loans scheme): https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans (External Link)

 

Coronavirus Business Interruption Loan Scheme (CBILS):
https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme (External Link)

 

Coronavirus Large Business Interruption Loan Scheme (CLBILS):
https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme (External Link)

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