“BOUNCE BACK” LOAN SCHEME

Applications opened last Monday for the new “Bounce Back” loan scheme for small businesses.  The loans are from £2,000 up to a maximum of 25% of turnover, or £50,000.  They are 100% backed by the tax payer (rather than 80%) with the government paying the interest for the first 12 months and with no capital or interest repayments due for one year.  The loans are at 2.5% interest to be paid back over 6 years with no early repayment charge.  You apply through your business’ bank and more information is at:  Bounce Back Loan announcement.

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