Small businesses in Wales will benefit from a new fast-track finance scheme providing loans with a 100% UK Government-backed guarantee for lenders, announced by Rishi Sunak MP, the Chancellor of the Exchequer today.
Those in need of smaller loans can apply from the new Bounce Back Loans scheme which will provide loans up to a maximum of £50,000. The government, which has consulted extensively with business representatives about the design of the scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. Plus, no repayments will be due during the first 12 months.
The loans will be available from 9am on Monday 4th May. For more information please visit:
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.”
Rob Roberts, MP for Delyn said:
“This is another fantastic innovation from a Treasury team who are working so hard for all businesses, now focussing this help on the smallest.
“Small businesses are the lifeblood of our communities and this new scheme will get them the finance they need rapidly to make sure they can survive these challenging times. When we combine this with all of the other measures already announced, it’s a very comprehensive package of support for all manner of business across the country.”