Chancellor Rishi Sunak announces new Bounce Back Loan Scheme

Chancellor Rishi Sunak announced a new Bounce Back Loan Scheme earlier this week, which will be launched on Monday 4 May.

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 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 6 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 accredited lenders.

For further information see GOV.UK