Government launches ‘Bounce Back’ loans for SMES
Application of the loan scheme will ensure that firms have access to essential cash resource quickly in order to help them survive the pandemic. This is a direct response to criticism that UK businesses have struggled to access to Coronavirus Business Interruption Loan Scheme (CBILS) – with available funding coming just too late for many SMEs to pay staff salaries.
Rishi Sunak confirmed that Bounce Back loans will be available from 4th May – and that funding from between £2,000 - £50,000 will be available within 24 hours. He promised that a simple loan application process will be in place, with “no forward-looking tests of business viability, no complex eligibility criteria – just a simple, quick, standard form for businesses to fill in”. The loans will be 100% government guaranteed for lenders.
It has not been disclosed which banks will be involved and whether these will be the same banks that have struggled with the CBILS funding.
To learn more about Bounce Back loans, click here
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