The Chancellor has launched a new 100% Government‐backed Bounce Back Loan Scheme for small businesses which will open for applications on Monday 4 May:
- Small businesses will be able to borrow between £2,000 and £50,000 from an accredited lender and access the cash within days
- The Government will pay any fees and interest for the first 12 months, as well as providing lenders with a 100% guarantee for the loan
- No repayments will be due during the first 12 months
- Loans can be applied for online using a short and simple form.
Also – a SPRA contractor member has managed to get some grants from their Council delivered schemes – and found them really easy to apply for. Apart from a VAT and Rates reference, you only have to supply a bank statement to prove you are trading. Could be worth investigating potential funding schemes from your local council in addition to the National government schemes. Guidance is available here, but you will still need to apply directly through your local council.
Source: Build UK and Brendan McNulty (SPRA Council & Delomac Ltd)