The Chancellor Rishi Sunak has announced a new Bounce Back loan to streamline loans of £2,0000 - £50,000 to SMEs affected by coronavirus.
The scheme is designed to provide financial support to SMEs through a simple, standardised, online application scheme. Loans should be delivered to companies within days of a successful application, providing quick access to vital working capital.
The loans are 100% backed by the government, who will also cover any fees and interest payments in the first 12 months. Loan terms will be up to six years and there will be no repayments due in the first 12 months. The government will work with the lender to agree a low rate of interest for the remaining period.
This new scheme is transformation for the small businesses that are a critical part of our economy, providing jobs and securing economic growth. Sole traders, micro-firms and entrepreneurs will now have a simple route to fast finance to stay afloat, without red tape or time-consuming checks.
The scheme will be launched on Monday 4 May.
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