The Chancellor has this week announced a new finance scheme, the Bounce Back Loans Scheme, available to small businesses.
The aim of the scheme is to fast track the lending process and bolster the existing support package available to the smallest businesses affected by the coronavirus pandemic.
Small businesses who require a vital cash injection to keep operating will be able to receive finance in a matter of days via a short online application form. Businesses can borrow between £2,000 and £50,000 (or 25% of business turnover) and importantly there will be no forward looking business viability tests or eligibility criteria.
The Government will also provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months.
The scheme will launch for applications at 9am on Monday 4th May and firms will be able to access them through the existing network of accredited lenders.
Should you require further clarification on the above, or any other matter, please contact your Fairhurst partner.