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2 minute read
Rishi Sunak has announced a new business loan scheme aimed at helping small businesses during the Coronavirus pandemic. The ‘Bounce-back Loans’ scheme will be launched on Monday 4 May at 9am and will run alongside the existing Coronavirus Business Loans Interruption Scheme (CBILS) and the Coronavirus Large Business Loan Scheme managed by the British Business Bank as well as the cash grants available for small businesses and those within the retail, hospitality and leisure sectors.
Small businesses will be able to apply for loans between £2,000 and £50,000 with a 100% Government guarantee for lenders. Businesses that take a Bounce-back Loan will not need to make any payments during the first 12 months and this period will also be interest free.
The key details are:
Contact me Peter Watts via peter.watts@shawgibbs.com for advice on the COVID-19 support available for businesses.