New Government Coronavirus Support Announced

A new loan scheme has been announced – the Coronavirus Bounce Back Loan – to help small and medium-sized businesses affected by coronavirus.

  • The scheme will go live from Monday 4th May 2020 and cash will be released within days for eligible businesses.
  • Businesses can borrow between £2,000 and £50,000.
  • The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
  • Loan terms will be up to 6 years.
  • The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
  • The scheme will be delivered through a network of accredited lenders.
  • For guidance on the Government’s package of support for business – and any other business support advice – contact the Heart of the South West Growth Hub on 03456 047 047 and follow @GrowthHubHotSW
  • Please find the press notice here (https://bit.ly/BounceBackPN) and further guidance on the scheme here (https://bit.ly/BounceBackGuidance).

 

For guidance on the Government’s package of support for business – and any other business support advice – contact the Heart of the South West Growth Hub on 03456 047 047 and follow @GrowthHubHotSW