This is a simple, quick, easy solution for those businesses in need of smaller loans.
Businesses can apply for Bounce Back Loans between £2,000 and £50,000, with the government paying the interest for the first 12 months. No repayments will be due during the first 12 months.
This will help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in the matter of days.
The scheme will launch for applications at 9am on Monday 4th May 2020. Firms will be able to access these loans through a network of accredited lenders.
Find out more and apply here.
There will be no forward-looking tests of business viability; no complex criteria; just a simple, quick, standard form for businesses to fill in online.
The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.
For most businesses, loans should arrive within 24 hours of approval.
The Chancellor has confirmed for this specific scheme, the Government will support lending by guaranteeing 100% of the loan.
The Chancellor, Rishi Sunak, said: "We shouldn't ask taxpayers to bear all the risk of lending almost unlimited sums to businesses who may have very little prospect of paying those loans back – and not necessarily because of coronavirus. So I don't think it's right to provide 100% guarantees on all our schemes. Instead, the new Bounce Back Loans carefully target that extraordinary level of state support at those who need it most. And the £50,000 cap balances the risk to the taxpayer with the need to support our smallest businesses."
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