May the 4th be with you: Small business Bounce Back loans go live

Published:  04 May, 2020

Garages can from today (Monday 4 May) take up small business lending 100% backed by the Treasury through the new Bounce Back Loan scheme. Businesses can look to borrow between £2,000 and £50,000, with the cash arriving within days.

Since 9am this morning, small business owners have been able to apply to accredited lenders by filling out an online form, with only seven questions. The government has also agreed with lenders that a flat rate of 2.5% interest will be charged on these loans. Any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this scheme.

The loans are available through a network of lenders, including the five largest banks. Chancellor of the Exchequer Rishi Sunak, said: “Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic. The Bounce Back loan scheme will make sure they get the finance they need - helping them bounce back and protect jobs.”

For more details, go to www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

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