In the past few weeks we’ve been calling on the government to provide further support for SMEs, and we’re delighted that the government has announced a ‘Bounce Back’ loan facility for SMEs to borrow up to £50,000 with a 100% guarantee from the Government and a fast-track application process.
The scheme launches on 4 May, and the simpler application process should mean that the cash is available in a matter of days.
The details aren’t available yet, but the loans should be repayable over six years, with no repayments in the first year. Interest rates are meant to be low, and covered by Government for the first year.
If you would like any assistance with the new loan scheme, or with any of the other Coronavirus reliefs, please get in touch.