We have just heard that the government have announced a new Coronavirus micro business loan scheme – otherwise known as the “bounce back” loan.
This is aimed at micro business and will help all those small businesses that were struggling to access the original Coronavirus Business Loan Scheme (CBILS).
The scheme will open next Monday. Successful applicants will receive the funds within 24 hours.
The loan will be a maximum of 25% of the business turnover up to a loan of £50,000.
Even better news. The government will pay the first 12 months of interest on behalf of the business and they will also guarantee the loan.
One big change is that, unlike CBILS, there will just be an application form to fill in and no business viability checks will be needed.
I am currently liaising with my finance provider to see how quickly we can make applications.
A few weeks ago we announced that we would be charging £195.00 + VAT for CBILS applications. I suspect applications for the “bounce back” loan will be easier and therefore our fees will be lower.
If you are interested please contact me.