Government backed loan scheme for small business

Chancellor Rishi Sunak has said that small businesses will benefit from a new fast-track finance scheme providing loans with a 100 per cent government-backed guarantee for lenders.

The new Bounce Back Loans scheme, which will provide loans of up to £50,000, is set to help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. It means that the government 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.

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 scheme will launch for applications on Monday 4 May.

Event Diary

Retail Supply Chain & Logistics Expo returns to Excel London across 12-13 November, once again bringing together the world of logistics, supply chain, eCommerce and retail innovation for two dynamic days of opportunity.

Every sport, from grassroots football to world-class tournaments, depends on one constant: high-quality playing surfaces and well-maintained green spaces.

Tickets: Free registration available at www.retailscl.com

The Retail Supply Chain & Logistics Expo is the UK’s leading event for retail supply chain and logistics professionals, showcasing the latest innovations in fulfilment, 3PL, AI-driven automation, and warehouse technology.

Supplier Profiles

Bauder Accepts Keys to its New UK Distribution Centre at Gateway 14

Bauder marked a major milestone in its UK expansion with the official handover of a brand

Words of World: Bridging language barriers with excellence

At Words of World, we specialise in professional translation and interpreting, d