Yesterday Rishi Sunak announced a new loan scheme for small businesses that will be 100% guaranteed by the government:
- The scheme will provide loans of between £2,000 and £50,000
- The loans will be interest free for the first 12 months – comparable to the Coronavirus business interruption loan scheme
- Applications will be able to be made online through a short and simple form
- Loans will then be issued within days – providing immediate cash flow support
The scheme will launch on Monday 4 May, and will be provided through a number of accredited lenders. The government have said they will work alongside lenders to ensure quick advances and a low standardised level of interest for the remaining period of loan.
This was a welcome announcement by small business representatives.
If you require any assistance regarding your application, please contact us.
If you know anyone who may benefit from our newsletters and updates, please feel free to forward this email or ask them contact us to opt in to our mailing list.