The Chancellor has announced the introduction of a new loan scheme allowing small businesses hit by the impact of the coronavirus measures to apply for up to £50,000 with the government guaranteeing 100% of the advance.
Businesses can apply for a minimum loan of £2,000 up to a maximum of £50,000 or 25% of business turnover.
Features of the loan:
- The government pays the interest for the first 12 months
- A two page standard form with no forward looking viability tests or eligible criteria
- Scheme will open on 4th May
- Most loans paid within 24 hours of approval
- No loan repayments during the first 12 months
Further details can be found:https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan or contact us for more information