Bounce Back Loans
On 4th May the government
launched its new Bounce Back Loans. The scheme helps small
and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there won’t be any fees or
interest to pay for the first 12 months.
Loan terms will be up to six
years. No repayments will be due during the first 12 months. The government
will work with lenders to agree a low rate of interest for the remaining
period of the loan. The scheme will be delivered through a network of
The government has announced a
discretionary business grant fund aimed at small businesses, voluntary
organisations and charities with premises. The guidance for this scheme was
published last week (13th May) and we are working to launch the fund as soon
as possible. Keep an eye on the business support pages for updates on this
This comes on top of many other
financial support schemes aimed at helping businesses and the self-employed
through the crisis. To find out which you and your business may be eligible
for the government has produced a simple online tool.
So far we have re-issued 940
business rates bills to make available the 100 per cent business rates
holiday for retail, leisure, hospitality and nurseries and made more than
2800 Business Support Grants totalling £34.7M.
Some eligible businesses still
have not made an application for the Business Support Grants you can do so on