Launched on Monday, the Bounce Back Loan scheme is now available to small businesses across the UK and is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak.
Thousands of small firms and sole traders – including high street staples like hairdressers, coffee shops and florists – will be eligible for 100% government-backed Bounce Back Loans to help them make it through the Coronavirus outbreak.
Small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.
The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.
The Chancellor of the Exchequer, Rishi Sunak, commented, “Small businesses will play a key role in creating jobs and securing economic growth as we recover from the Coronavirus pandemic.
“The Bounce Back loan scheme will make sure they get the finance they need – helping them bounce back and protect jobs.
Business Secretary Alok Sharma, added, “We are backing small businesses, which are the backbone of our communities, with the support they need to stay afloat.
“This new scheme of 100% government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them. This will help ensure they can continue to trade, and be a key part of our efforts to reboot the British economy.”
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