Bounce Back Loans - 100% Government Backed Loans Available
Today the Chancellor Rishi Sunak announced that small firms are to get access to 100% government backed loans up to £50,000 within days of applying for them.
This has come due to a back lash of criticism that big banks are not doing enough to support businesses and are making the accessing of CBILS loans difficult.
The announcement aims to unlock a backlog of credit checks by banks due to fears that many small businesses could fold before getting loans through.
I think this is a great move by the government and once again shows their commitment to keeping our economy alive through this extremely challenging time.
More details can be found here - https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan