Small businesses get bounce back loan boost

Many small businesses have benefited from the Government's Bounce Back Loans scheme providing loans

Published 14th September 2020

Many small businesses have benefited from the Government's Bounce Back Loans scheme providing loans with a 100% government-backed guarantee for lenders, which was announced at the beginning of May

The initiative, which provides loans of up to £50,000, was introduced to offer support to small businesses directly affected by the Coronavirus pandemic.

The loans are easy to apply for through a short, standardised online application, and should reach businesses within days- providing immediate support to those that need it as easily as possible. It was recently announced that, as of 9th August 2020, over one million claims had been approved through the scheme, amounting to almost £35billion worth of support given to the UK's small businesses.

Business owners looking to apply for a Government Bounce Back Loan have until 4th November to do so, and more information can be found at www.gov.uk.

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