UK’s finance minister Rishi Sunak has unveiled a 100% state-backed ‘Bounce Back Loan Scheme’ for the country’s small businesses to help them tide through the corona virus pandemic lockdown. The new fast-track finance scheme to open from 4th May.
Under the scheme, qualifying small businesses can apply online to borrow between 2,000 pounds and 50,000 pounds as interest-free loans for the first 12 months. The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.