Bounce Back Business Loans - Help for small businesses
The Chancellor has just announced a new small business loan scheme with 100% government backed guarantees for lenders.
The Bounce Back Loan scheme is designed to get small businesses back on their feet during the pandemic. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days and loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form. This means fast and hopefully effective cash injections that should provide immediate relief to those that need it.
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 online form and should be available from 4th May 2020 via the Governments accredited lenders.
If you need advice or guidance on how to access these loans or what loan scheme might best benefit your business, one of our Corporate Commercial Team at Downs would be happy to talk this through with you.