Chancellor announces Small Business “Bounce Back” Loan Scheme

Amid the fight against COVID-19 and the havoc it has wreaked on the UK economy, the government has decided to launch another scheme to lessen the economic impact suffered by small companies. The Small Business Bounce Back Loan Scheme is the new proposal to help small companies resist the crisis caused by the Coronavirus pandemic.

“Small businesses are vital to our economy.”

This new scheme has been announced by the Chancellor, Rishi Sunak. The Small Business Bounce Back Loan Scheme offers loans of up to £ 50,000 interest-free for one year. The scheme will start operating on May 4, and an amount of up to 25% of the company’s total turnover may be requested.

Chancellor Rishi Sunak said: “Small businesses are the backbone of any economy, they are the engine of their communities and they help everything work the right way. Thanks to this loan scheme we can ensure that they get the financing they need to resist this crisis.”

“Small companies can request the loan by filling out an online application. If the company meets the requirements, the loan will be credited within the next 24 hours.”

The British Business Bank will process the applications.

UK Finance CEO, Stephen Jones, gave impressive statements about the scheme: “It is the job of finance providers to help small and medium businesses during the crisis. This new scheme (BBLS) that the chancellor has announced will make the process is much faster and more efficient. Owners of these companies only need to fill out an online questionnaire and apply for a loan of up to £ 50,000.”

“This new scheme and the existing ones have been evaluated by the authorities to support its operation and allow British Business Bank-approved lenders to process these requests efficiently. It is a very good decision; it will allow these small businesses to access financing without the need to make large financial plans in the future.”

“The Small Business Bouncing Back Scheme joins the extensive package of economic measures that lenders are offering to SMEs. Other measures are capital repayment holidays, extended overdrafts, and asset-based financing.”

“The lenders approved by the British Business Bank are now putting the final touches so that the scheme will start to work as of May 4. Throughout this week we will give more details so that the companies that want to apply for the loan are properly informed about the procedures to follow.”

The United Kingdom has been one of the countries that have best known how to deal with the Coronavirus crisis. The government has been progressively launching economic measures to minimize the impact that COVID-19 has had on the UK economy. The Small Business Bouncing Back Loans Scheme joins the Coronavirus Job Retention Scheme and rental payment holidays, measures that seek to help the population endure this harsh crisis.

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