As per the
reports, the Bounce Back Loans Scheme has gone live for applications. Smaller
businesses can now apply for quick and easy-to-access loans from today.
initiative has been taken by the government to support local businesses during
the coronavirus crisis. Announced by Chancellor Rishi Sunak on 27th
April, the scheme offers loans via banks of between £2,000 to £50,000. The
loans accredited by the British Business Bank target small and micro businesses
in all sectors.
The loans have
an interest rate of 2.5% available on terms of up to six years. However, there
will be no interest charged in the first 12 months of the loan(s). Business owners
can payback loans at any time without receiving a penalty.
The eligible businesses are also subjected to standard AML and KYC checks, including customer fraud prior to any loan being made.
Source - RealBusiness
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