The government has announced a new ‘Bounce Back’ loan for small and medium sized businesses. This is in response to the fact that the existing Coronavirus Business Interruption Loan Scheme (CBILS) has not met the needs of thousands of SMEs who have been refused by banks to date.
The new loan scheme is 100% backed by government, with no interest or fees pay
able for the first 12 months. Businesses must apply via accredited banks but the government have promised that the application process will be short and streamlined. Eligible businesses will be able to access between £2,000 and £50,000 or up to 25% of turnover. More details on the application process and detailed criteria are due to be published on Monday 4May when the scheme goes live. More information can be found here.
with courtesy of Brent Council
Thursday, 7 May 2020
New ‘Bounce Back’ loans for small businesses
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