At the start of this week the Government announced a new loan scheme for small businesses.
- 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
The Chancellor of the Exchequer, Rishi Sunak, said, “Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis. This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.”
For full details visit: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans