Government Bounce Back Loan goes live Monday 4th May 2020
From Monday 4 May, businesses will be able to borrow between £2,000 and £50,000, with 100% underwritten by Government, and access to the cash will occur within days.
The new scheme, which was announced by the Government on Monday, is designed to help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
These loans will be interest and repayment free for the first 12 months, and there won't be any fees. The loans will be easy to apply for through one short, standardised online application to access a network of accredited lenders. The loan should reach businesses within days - providing immediate support to those that need it as easily as possible.
Loan terms will be up to six years and the government will work with lenders to agree a low rate of interest for the remaining period of the loan.
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