The Government has announced a new 100% Government-Backed Loan Scheme for small businesses.
It will make available loans of up to £50,000 and provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days.
The scheme will launch for applications on Monday 4th May 2020. Firms will be able to access these loans through a network of accredited lenders.
Please click here for further information.
Information, guidelines, and rules are changing rapidly, and you should seek independent confirmation before acting. The official Government web page is here, but we will keep you posted with any significant changes.
As always, if you would like to discuss anything please feel free to get in touch.
Photo by rawpixel