The UK Government yesterday announced a new small business loan scheme to help combat the financial downturn many have seen as a result of the coronavirus lockdown.
The government said that small businesses will be able to take out loans of between £2,000 and £50,000, and will be able to access the money within days.
The small business loans come interest-free for the first 12 months, and can be applied for online through a short, simple form.
Chancellor of the Exchequer Rishi Sunak said the new Bounce Back Loans scheme would be in addition to the support already made available to small businesses.
The government statement announcing the news said that its current efforts have created a combined £15billion in support for businesses in only a matter of weeks.
Sunak commented: “Our smallest businesses are the backbone of our economy and play a vital role in their communities.
“This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
“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.”