The Chancellor Rishi Sunak has announced a new loan scheme to help small businesses.
The new Bounce Back Loans scheme means businesses will be able to borrow between £2,000 and £50,000 and access the cash within days.
The loans will have a 100% government-backed guarantee for lenders and will be interest free and fee free for the first 12 months. In addition no repayments will be due during the first 12 months.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and businesses can apply online through a short and simple form.
The scheme will launch for applications on Monday 4 May. Firms will be able to access these loans through a network of accredited lenders. The government has said they will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.
More information can be found here: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
