UK Government announces bounce back loan scheme

The UK Government has announced a new Bounce Back Loans Scheme – a 100 per cent government-backed loan scheme that enables small businesses to borrow up to £50,000 and access the cash within days.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days. It will provide lenders with a 100 per cent guarantee for the loan – and pay any fees and interest for the first 12 months.

No repayments will be due during the first 12 months.

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