Published on: 29 April 2020
Earlier this week the Chancellor of the Exchequer announced a new loan scheme for small business.
The new ‘Bounce Back’ loan scheme will:
- Provide loans of between £2,000 and £50,000
- Be interest free for the first 12 months
These loans will come with a 100% Government-backed guarantee for lenders.
The scheme has been designed to ensure that small firms can acquire additional finance during the Covid-19 pandemic.
These loans will be delivered through a network of accredited lenders and will be available to businesses from 9am on Monday 4 May.
Individuals will be required to apply through a short, standardised online application. The Chancellor has advised businesses that they will receive these loans within a matter of days.
British Marine also understands that businesses which have already taken out a loan of up to £50,000 under the Coronavirus Business Interruption Loan Scheme can switch onto this scheme if they would like to do so.
Detailed guidance on the Bounce Back Loans and details of how to apply can be found here.
For members wishing to stay up-to-date with the latest developments on Covid-19, please visit our dedicated Coronavirus Hub.