Small business micro loan scheme announced

On 4th May the government announced a micro loan scheme for small business owners, in response to the continuing damage to the UK’s economy as a result of COVID-19.

The loan scheme, named the Bounce Back Loan Scheme, helps small businesses who have been directly affected by the current pandemic as a result of lockdown measures, with the ability to apply for a loan between £2,000 and £50,000. To provide further financial assistance, the government will also cover interest costs for applicants for the first 12 months.

Business owners can access the loan by contacting accredited lenders, with the government advising most applications will be confirmed within 24 hours of applications being received. With growing concerns over cashflow, many businesses do not want to accrue more debt, but these new loans may be the answer to helping them get back on track.

Amy Telford ACA, of Harvey, Telford & Bates, commented:

“COVID-19 has affected us all throughout the UK, but while some larger companies have been able to stay afloat, small businesses have really suffered. The inability to secure credit has been a huge hurdle for businesses and the only way many will survive is through extra support like this.”

For more information on how our team can help you understand these new loan incentive, please call us on 01743 462604, or email hello@htbaccountants.co.uk.

For more information on the Bounce Back Scheme Loan, visit the Gov.uk website here.

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