How the government’s new “bounce-back loans” can help you.
What are they?
These new “bounce-back loans” are 100% government-backed loans for small businesses.
They are aimed at unblocking the backlog of credit checks by banks amid fears that small firms could fold before getting the loans they need.
- Starting Monday 4th May 2020
- Loans of up to £50,000 within days of applying
- Fill in a two-page self-certification form online.
- No capital or interest repayments due for 12 months
- Government will pay the first 12 months interest.
- Businesses will no longer have to prove that they will be viable after the crisis, only that they were before
- The government will now back 100% of the loan.