Small Businesses Boosted by Bounce Back Loans

28th April 2020

Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday (Monday 27 April).

businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4 million jobs through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

Further information on this scheme is available here.