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.
Key Features
- 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.