The UK Government has announced a new ‘Bounce Back Loan’ Scheme which will go live next Monday. Whilst the details are still limited, we are told that the key elements of this loans scheme are:
A business can apply for a loan of up to £50,000
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The window to apply for these loans will start from Monday 4th May 2020
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The interest on this loan will be paid by the UK Govt. for the first 12 months
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The loan will be 100% underwritten by the UK Govt.
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The application process will be simple, and will not go through money laundering process or credit checks
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Once the application has been processed, the loan will be in the business’ account within 24hrs
The BACDT will provide all members with more details on these loans as they become live, and will provide information on the banks which will be offering these loans.