This scheme will help small and medium-sized businesses affected by coronavirus.
• You can apply for a loan up to 25% of your business turnover, with a maximum limit of £50,000
• You’ll receive your funds within days of your application being approved
• The loan is for six years, with no early repayment fees
• The Government is providing a 100% guarantee for these loans* and will pay the interest for the first 12 months
• You apply to your bank
*You are liable for 100% of the loan and your bank will always seek to recover the outstanding balance from you.
The scheme will be delivered through a network of accredited lenders.
Eligibility – You can apply for a loan if your business:
• is based in the UK
• has been negatively affected by coronavirus