The government has announced a Bounce Back Loan scheme to help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be up to 6 years and no repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan. The scheme will be delivered through a network of accredited lenders. The scheme launches on Monday 4 May. Initial details about the scheme are here, with further details to be published. They have noted that grant funded FE establishments can apply for a Bounce Back Loan. This guidance has been added to the collection of guidance on financial support for businesses during COVID-19.
