Aylesbury MP welcomes 'bounce back' coronavirus loan scheme
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
The scheme will be launched on May 4.
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.
Rob Butler MP said: "The announcement of bounce back loans is absolutely excellent news.
"There are more micro businesses in Buckinghamshire than any other county in the country and many of them have contacted me recently for help.
"Over the past few weeks I've been pushing the HM Treasury team hard to support our smallest firms & entrepreneurs, so I am very pleased to see details of the new loan scheme which will make a real difference to many local companies during the coronavirus crisis."
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
The following businesses are not eligible to apply:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- further-education establishments, if they are grant-funded
- state-funded primary and secondary schools