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Small businesses can now apply for “quick and easy-to access” loans between £2,000 and £50,000 from today, May 5th, with the cash expected to land within days.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions, here: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan.
Please note that you cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS) but you can switch it over to this new loan to take advantage of the flat rate of 2.5% interest.
The Chancellor of the Exchequer, Rishi Sunak, said: “Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic. The Bounce Back loan scheme will make sure they get the finance they need – helping them bounce back and protect jobs.”
