BOUNCE BACK LOANS TO HELP BUSINESSES
The Government have announced a new loan scheme. A simple, quick, easy solution for those in need of smaller loans.
Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months.
Ministers have been in close talks with the banks in recent days and these loans will be available from 9am next Monday (4th May).
There will be no forward-looking tests of business viability; no complex eligibility criteria; just a simple, quick, standard form for businesses to fill in.
For most firms, loans should arrive within 24 hours of approval.
For this specific scheme, the Government will also support lending by guaranteeing 100% of the loan.
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