COVID-19: ‘Bounce back’ loan for micro businesses
The Chancellor, Rishi Sunak, has today announced a brand new micro loan scheme to support the smallest small businesses in the UK.Return to blog posts
The Chancellor, Rishi Sunak, has today announced a brand new micro loan scheme to support the smallest small businesses in the UK.
What is it?
The ‘bounce back’ will provide quick and easy finance for those that need smaller loans to bridge cash flow or to simply keep the lights on.
How much can I get?
The loans will extend to 25% of the small business’ turnover up to a maximum of £50,000 and the Government will pay the interest for the first 12 months. The Government will guarantee 100% of the loan to the lender to make it completely risk-free.
How do I apply?
There will be a simple standard form for small businesses to fill in with no complex eligibility criteria.
How quickly can I access this funding?
The loans will be available from 9am next Monday (4th May) and the Government aims for the funds to be with small businesses within 24 hours of approval.
We will keep you up to date with the latest information as more details of the scheme are released.
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