New small business micro-loan scheme launched
A new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance has now been put in place.
The chancellor Rishi Sunak as stated that this process will be a “simple, quick, easy solution for those in need of smaller loans,” businesses can apply from lenders using a two-page standard form with no forward-looking business viability tests or eligibility criteria.
The rules state that businesses can apply for a minimum of £2,000 up to a maximum of £50,000, or 25% of business turnover, with the government paying the interest and any associated fees for the first 12 months.
The scheme is now open through the existing network of accredited lenders and it has been promised that most loans will be paid within 24 hours of approval.
Acer accounts is available for businesses needing any further information on support available following the coronavirus pandemic.