On Monday 27 April Rishi Sunak announced the new Bounce Back Loan Scheme. Small businesses will benefit from the new fast-track finance scheme, providing loans with a 100% government-backed guarantee for lenders. If you are a smaller company who struggled to get a CBILS loan then this could be for you.
For details of the announcement click on following links:
Covid19 Bounce Back Loan Scheme
– businesses will be able to borrow between £2,000 and £50,000
– cash should be made available within days
– loans will be interest free for the first 12 months
– businesses can apply online through a short and simple form
– a low standardised level of interest for the remaining period of the loan
The Bounce Back Loans scheme will provide loans of up to £50,000 available to the smallest businesses affected by the coronavirus pandemic.
The government 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.
When can I apply for a Bounce Back Loan?
The scheme will launch for applications on Monday 4 May. You will be able to access these loans through a network of accredited lenders.
The loans will be easy to apply for through a short, online application. The Government are suggesting that the loan should reach your business within days.
The government are working with lenders to ensure loans delivered through this scheme are dealt with as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.