01/05/2020

New fast track government loans

We wanted to bring to your attention to a new loan scheme from the government that could help your financial situation during this difficult time.

The Bounce Back Loan scheme is aimed at small businesses.

The scheme is available from 9am Monday 5 May. It is designed to provide financial help, quickly.

  • Businesses will be able to borrow up to 25% of turnover, from £2,000 to a maximum of £50,000.
  • Lenders will not require forward projections or business plans.
  • You will receive the funds within days.
  • Loans will be interest-free for the first 12 months.
  • No repayments are required in the first year.
  • Payback periods of up to six years are available.
  • The government will underwrite 100% of the loan.
  • You can apply online through a short and simple form.

There are a few simple conditions that businesses need to meet.

  • The business must be UK based.
  • It must have been negatively affected by coronavirus
  • It must not have been an “undertaking in difficulty” on 31 December 2019.
  • It must not already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

You can find out more about the scheme at https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans.

Our team is here to help you. If you would like to receive further advice and assistance from us please get in touch

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