A new 100% government backed loan scheme for small business will be available from 4th May, find out the details here.
On 27th April, Chancellor Rishi Sunak announced a new fast-track finance system for small business.
- 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
- No business viability checks, only fraud checks to validate business
Applications will open on 4th May, businesses will be able to apply through a short, easy online form.
The Chancellor of the Exchequer, Rishi Sunak, said ’Our small businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.’
Crucially, and in contrast to the Coronavirus Business Interruption Loan Scheme (CBILS), businesses will not be required to provide evidence of future viability, only that they were commercially viable before the crisis began.
Find out more at www.gov.uk