This week the government launched its new Bounce Back Loans. The scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to six years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan. The scheme will be delivered through a network of accredited lenders.
This comes on top of many other financial support schemes aimed at helping businesses and the self-employed through the crisis. To find out which you and your business may be eligible for the government has produced a simple online tool.
We’ve so far re-issued 940 business rates bills to make available the 100 per cent business rates holiday for retail, leisure, hospitality and nurseries and made 2350 Business Support Grants totalling £29m.
Some eligible businesses still have not made an application for the Business Support Grants you can do so on our website