SMALLER brokers should welcome the government’s latest initiative: 100% government supported Bounce Back Loans.
Designed for smaller businesses, it allows borrowing of between £2000-£50,000 with access to the cash within days.
The loans will be interest free for the first 12 months. Brokers can apply online through a short and simple form.
The Treasury said the scheme had been designed to ensure that small firms, which require business-saving cash injections to keep operating during COVID-19, can get finance in a matter of days.
The Chancellor of the Exchequer, Rishi Sunak, said:
“Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
“This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.”
You can read more details here: Small businesses boosted by bounce back loans.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
