The government has announced a new fast-track loan scheme to ensure small firms who need cash injections to keep operating can get finance they need in a matter of days.

The Bounce Back loans will benefit small businesses, providing 100% government-backed finance, in the following ways:

• Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
• The loans will be interest free for the first 12 months and businesses can apply online with a short and simple application form.

The loans will help strengthen the existing package of support available to help the smallest businesses affected by the coronavirus pandemic. Accessible for businesses through a simple form and available within days, the scheme will provide quick immediate support for the businesses who need it.

The Chancellor of the Exchequer, Rishi Sunak, said:

“Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.

“This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.”

The loan will launch on Monday 4 May 2020, please visit the GOV.UK website to apply and for more information.

If your business requires support during the coronavirus crisis, please contact the Worcestershire Business Central team on 01905 677 888 or email info@worcestershiregrowthhub.co.uk.