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COVID-19 Gov Bounce Back Loan Scheme: 100% Government Guaranteed Loans for Small Businesses

April 28, 2020 9:06 AM
By Kent and Medway Growth Hub in Email to Businesses
Originally published by Tim Prater | Councillor for Sandgate & West Folkestone, Sandgate Village, Harvey West & Hythe East

Debit and Credit cards [Plastic money]

The Government announced a new loan scheme for small businesses.

Aimed at the UK's smallest firms, the scheme will offer loans of between £2,000 and £50,000.

  • Businesses can borrow up to the value of 25% of their turnover up to a maximum of £50,000.
  • The Government will provide lenders with a 100% 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
  • There will be a short, standardised online application to apply for a loan.
  • There is no forward-looking test of business viability or 'complex' eligibility criteria.
  • Finance should reach businesses 'within 24 hours' of approval.

The scheme will launch for applications at 9am on Monday 4 May.

Firms will be able to access these loans through a network of accredited lenders.

Call the Helpline number 03333 602 300 (8.30am - 5pm Mon-Fri) where an Adviser is available to help you with your application

For any other queries or questions about business support in Kent and Medway please contact us through our website at https://www.kentandmedwaygrowthhub.org.uk/ or email business@kentandmedwaygrowthhub.org.uk