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Coronavirus: ‘Bounce Back’ Loans
28 Apr 2020
With the constant news bulletins, briefings and Government announcements it is hard to know what support is available for your business and how you can access it. It is unsurprising that many people are struggling to understand what these new updates mean and how they can access the support available to them.
The latest Government support has been announced in the form of ‘Bounce Back’ Loans and it is for those of you who have a UK based business which has been negatively affected by Coronavirus.
The essentials of the loan are:
- The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
- The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
- Loan terms will be up to 6 years.
- No repayments will be due during the first 12 months.
- The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
- The scheme will be delivered through a network of accredited lenders.
Our team have pulled together all the key points of the new ‘Bounce Back’ Loans into a handy document. Please download this by clicking the button below, if you would like more information on:
- The Key Points of the new ‘Bounce Back’ Loans
- Who Can Apply
- Who Can’t Apply
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