The scheme will start next week, offering firms loans up to £50,000 within days of applying.
The key points to note are:
- businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
- loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form
The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
For more information visit: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans