Businesses raced to apply to the Bounce Back Loans Scheme today which offers up to £50,000 to help with disruption from coronavirus.
The new scheme is offering the loans for small businesses that will be able to borrow between £2,000 and £50,000 with transfers being made this week on successful applications.
The scheme went live at 9am, and businesses can apply directly on the government’s website. SMEs will be able to benefit from up to 12 months of interest-free borrowing, with a 100% government guarantee, giving banks no risk to lend.
Business Secretary Alok Sharma said that the new scheme “would give 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.”
To apply for the loans, you can send in your application here.