Small businesses based in the UK will be able to apply for quick and easy-to-access bounce back loans from today.
• businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days
• loans will be 100% government backed for lenders, and businesses can apply online through a short and simple form
• affordable flat rate of 2.5% interest will be charged on these loans
• loan terms will be up to 6 years.
• Government will cover the cost of any fees and interest for the borrower for the first 12 months.
• the loans are available through a network of lenders, including the five largest banks
• the borrower will always remain 100% liable for the debt
• available to any business negatively affected by Coronavirus, not been in difficulty on 31st December 2019
Any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme – this can be arranged with your lender up until 4 November 2020.
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website (click below) or to read the full article from government first click here