As there were no significant business announcement’s today from the Government for us to advise on, we want to take this opportunity to remind you that from 9am this coming Monday, small to medium-sized businesses can gain access to a new fast-track finance option
Referred to as the Coronavirus Bounce Back Loan, the scheme has been designed to ensure that small businesses who need vital cash injections to keep operating can get finance of up to £50,000 in a matter of days.
The key details for your information are as follows;
- Loans are expected to be turned around within 24 hours;
- 100% guaranteed by the Government;
- No forward eligibility checks;
- Simple 2-page self-certification form to be completed online;
- £2,000 – £50,000 available up to a maximum of a ¼ of a business’s annual turnover;
- 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.
Although this scheme is not available to those businesses already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), it will provide much-needed funds to small businesses who have been adversely affected by the crisis. According to the guidance, a CBILS loan application (if less than £50k) can be transferred to this new scheme in order to provide faster cash delivery.
TC Group can work alongside you to collate all the necessary documentation for your self-certification and should you need support to do so is on hand to help submit it for you. Contact your TC Partner on 0330 088 7111 to discuss further.