Government backed loan scheme for small business
Chancellor Rishi Sunak has said that small businesses will benefit from a new fast-track finance scheme providing loans with a 100 per cent government-backed guarantee for lenders.
The new Bounce Back Loans scheme, which will provide loans of up to £50,000, is set to help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. It means that the government will provide lenders with a 100 per cent 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.
Sunak 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 4 May.
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