Yesterday Rishi Sunak announced a new loan scheme for small businesses that will be 100% guaranteed by the government:
- The scheme will provide loans of between £2,000 and £50,000
- The loans will be interest free for the first 12 months – comparable to the Coronavirus business interruption loan scheme
- Applications will be able to be made online through a short and simple form
- Loans will then be issued within days – providing immediate cash flow support
The scheme will launch on Monday 4 May, and will be provided through a number of accredited lenders. The government have said they will work alongside lenders to ensure quick advances and a low standardised level of interest for the remaining period of loan.
This was a welcome announcement by small business representatives.
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