Gosport MP, Caroline Dinenage, has welcomed the Bounce Back Loans Scheme which launched today (4 May).
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000 with the government guaranteeing 100% of the loan and no fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years with no repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
Commenting Caroline said:
“The Bounce Back Loans Scheme will offer additional protection to small firms, helping them get the finance they need so they can keep operating, protect jobs and incomes, and get through this crisis.”