Being available from Monday 4th May, these look like they will worth having for any small business. Quick and easy to apply for, loan up to 25% of turnover (£2K to £50K), no interest or repayments for a year, 100% government backed. Just not for businesses that were previously in financial distress. The bounce back loan scheme lets businesses apply for a loan of up to 25% of their annual turnover, up to a maximum of £50,000, with the Government paying the interest for the first twelve months. These loans will be available from 9am next Monday. There will be no complex eligibility requirements, no forward-looking tests of business viability. Just a simple, quick, standard form for most businesses to fill in. And loans should arrive within 24 hours of approval. For this specific scheme, the Government will support lending as well by guaranteeing 100% of the loan for the lender. These new bounce back loans target that small extra support for those who need it most. And that will
