|Chancellor Rishi Sunak announces ‘bounce-back loans’ for small businesses
The Chancellor announced a new ‘bounce-back’ loan late yesterday afternoon which is aimed at giving some of our smallest businesses a financial boost and bolstering schemes already in place.
The micro-loan scheme will enable businesses to access funds worth up to 25% of their turnover (to a maximum of £50,000) with the Government paying interest for the first 12 months and guaranteeing 100% of the loan.
It is hoped to be available from 9am next Monday, through a network of accredited lenders. The process of application is by a “simple, quick, standard” form and the Chancellor has said the loans should arrive within 24 hours of approval for most firms.
I will of course bring you additional detail on the loan as I receive it, but in the meantime members can access further information on the Government site here
Stay safe and smiling,
Lucy Reece-Raybould, BFA CEO