Yesterday the Chancellor announced a new loan scheme - the Coronavirus Bounce Back Loan - to help small and medium-sized businesses affected by coronavirus.
• The scheme will go live from Monday 4th May 2020 and cash will be released within days for eligible businesses.
• Businesses can borrow between £2,000 and £50,000.
• The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
• Loan terms will be up to 6 years.
• The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
• The scheme will be delivered through a network of accredited lenders.
Press Notice - here
Further guidance - here
• The scheme will go live from Monday 4th May 2020 and cash will be released within days for eligible businesses.
• Businesses can borrow between £2,000 and £50,000.
• The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
• Loan terms will be up to 6 years.
• The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
• The scheme will be delivered through a network of accredited lenders.
Press Notice - here
Further guidance - here
