Small businesses will benefit from a new loan scheme announced by Chancellor Rishi Sunak this week. The 100% government backed loans will allow SMEs to borrow between £2,000 and £50,000 with the money being available in just a few days. The new Bounce Back loan scheme has been put into place following feedback from business owners who said they were unable to apply for loans to support them during the COVID-19 lockdown.
Designed to ensure that small businesses who need vital cash injections to keep operating can get finance within a matter of days, the loans are interest free for the first 12 months and repayments will not be due during this period as well.
Applications for the Bounce Back loan scheme open on Monday 4 May. Businesses will be able to access the scheme via a network of accredited lenders.
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