The government supported new “Bounce Back” bank loans for businesses went live yesterday 4th May 2020.
This new loan scheme allows almost all businesses, who were trading before 1st March 2020, to apply for a maximum £50,000 or a lower amount equating to 25% of annual turnover in the business financial year ending in 2019.
Loan terms are very favourable at an interest rate at 2.5% above base rate (currently 0.1%), in year 1 no interest is charged and no capital repayments, no arrangement fee, 5 years to repay the loan and no early repayment charges.
The loan application requires an existing business or personal current account, so you apply to your own bank through their online banking or website link.
The loan application is expected to be processed within 2 days, including the payment made to your bank account but short delays expected due to high demand.
More details in the following web link:-
If you require support with the loan application please email us on [email protected] and we will promptly contact you in our office hours 9am-5pm Monday to Friday.