new government backed Bounce Back Loans Scheme, will allow small
businesses to borrow between £2,000 and £50,000 and access the cash within
will be interest free for the first 12 months and businesses can apply online
through a short and simple form. The Government will provide lenders with a
100% 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.
The loans will be easy to apply
for through a short, standardised online application. Loans should reach
businesses within days – providing immediate support to those that need it as
easily as possible.
The scheme will launch for
applications on Monday 4 May. Firms will be able to access
these loans through a network of accredited lenders. 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.
new scheme will run alongside the existing Business
Interruption Loan Scheme (CBILS) and Large Business Interruption
Loan Scheme (CLBILS).