Today the Chancellor, Rishi Sunak MP, announced that he is creating a new loan scheme for small business to help them weather the financial effects of coronavirus.
The Bounce Back scheme will provide loans with a 100% government-backed guarantee for lenders.
The scheme will launch for applications on Monday, 4th May and businesses will be able to access loans through a network of accredited lenders.
- Applications open on Monday, 4th May
- Businesses will be able to borrow between £2,000 and £50,000
- Loans will be interest free for the first 12 months
- Businesses can apply online through a simple form and will be able to access the money in days
The Chancellor, Rishi Sunak MP, said:
"Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.
The scheme will launch for applications on Monday, 4th May. Firms will be able to access these loans through a network of accredited lenders.
The government 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."
Commenting, Lucy Allan MP said:
“I’m pleased that the Government has put this scheme in to place which will help small businesses in Telford.
Small businesses are vital in ensuring our communities thrive and will be crucial in creating jobs and securing economic growth as we recover.”
