100% Government backed loans for smaller businesses

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.

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