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News

28th April 2020

Covid-19 Update 27th April 2020

Small Business Bounce Back Loan
A new loan scheme has been announced to help smaller businesses:
- Loans between £2,000 and £50,000
- Based on borrowing up to 25% of Turnover
- Interest-free 12 months
- Easy application
- 100% guarantee provided by the Government

https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans

Business Interruption Loan Scheme
I heard at the end of last week and today that the loans being applied for are now being approved much quicker than at the start of the crisis. For example, one client's application was approved within 48 hours. As I said before, each bank seems to vary, but I have heard from a number of clients that main high street banks now seem to have significantly speeded up.
https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

Four new lenders added to list
https://www.british-business-bank.co.uk/british-business-bank-announces-four-new-lenders-under-the-coronavirus-business-interruption-loan-scheme/

Wishing you well as always
Very best

Nick Hunt