New 100% government backed loan scheme for small businesses available from 4 May 2020
- Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.
- Loans will be interest and repayment free for the first 12 months.
- Businesses can apply online through a short and simple form
- This includes self-employed people
If your small to medium-sized business (SME) is affected by coronavirus, you may be able to borrow between £2,000 and £50,000 through a Bounce Back Loan scheme.
The government will guarantee 100% of the loan and for the first 12 months you will not have to pay any fees or interest, or make repayments.
You may be eligible for this scheme if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
This includes self-employed people.
Click the following link for more details:
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan