Applications for Bounce Back Loans are open as of this morning (Monday), in a bid to help more small businesses navigate the coronavirus crisis. Thousands of small firms and sole traders - including hairdressers, coffee shops and florists will be eligible and can apply online, with seven questions to answer. The scheme offers loans via banks of between £2,000 to £50,000 and is 100% guaranteed by the government. Banks handling the loans will not be required to run credit checks or assess the long-term viability of applicants. The money is interest and payment-free for the first year - with rates of 2.5% per annum after the first 12 months. The Chancellor of the Exchequer, Rishi Sunak, said: "Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic.
"The Bounce Back loan scheme will make sure they get the finance they need - helping them bounce back and protect jobs."
Business Secretary Alok Sharma said: "We are backing small businesses, which are the backbone of our communities, with the support they need to stay afloat."This new scheme of 100% government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them. This will help ensure they can continue"
Mike Cherry, National Chair of the Federation of Small Businesses, said: “We know many small firms have struggled to secure small loans speedily. We are pleased that the Chancellor has listened, and swiftly developed this new scheme for small businesses to access finance quickly, interest-free for the first year and at an affordable fixed interest rate for the remainder.”Find more about the loan via the Gov.uk website here
Apply for the loan here.
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