British's small businesses and Large Business will be able to apply for quick and easy-to access loans.
The Bounce Back Loan scheme is big relief for Uk small businesses during this coronavirus crisis. Uk government is doing everything possible to support businesses and employees. Chancellor Rishi Sunak and Uk government under Hon PM Boris Johnson leadership is on front foot to support Uk businesses and revive Uk economy.
Under Bounce Back Loan Scheme small and medium sized businesses can borrow £2,000 and £50,000. Government has guranteed 100% loan and there won't be any fee or interest to pay for the first 12 months, this is great initiative by Uk governemnt to help small businesses.
Guideline says loan team will be up to 6 years and no repayments will be due during 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. For detailed Guideline please visit Gov.uk website.
This scheme will help thousands of small firms and sole traders - including high street staples like hairdressers , coffee shops etc. Government has agreed with lenders that an affordable flat rate 2.5% interest will be charged on these loans.
For businesses with over £45 million Uk government has launched Coronavirus Large Business Interruption Loan Scheme. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) supports large businesses, with an annual turnover of over £45 million.
All viable businesses with turnover of more than £45 million per year can apply for up to £25 million of finance. Firms with a turnover of more than £250 million can apply for up to £50 million of finance.
The scheme is available through a series of accredited lenders, which are listed on the British Business Bank website. The government provides lenders with an 80% guarantee on individual loans. This gives banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS are offered at commercial rates of interest.
This scheme allows lenders to support businesses that were viable before the coronavirus outbreak but now face significant cash flow difficulties that would otherwise make their business unviable in the short term.
We request our readers to go directly and check on gov.uk website for more details and please be alerted from scammers all information and process is available on gov.uk website. Government is doing all they can to support small and Large businesses. Our aim for this post was to help our readers in case they don't know about this schemes.
source link
Small business :- https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Large Business:- https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme
Source of information :- gov.uk , Chancellor Rishi Sunak twitter.
Image credit :- Gov.uk and Chancellor Rishi Sunak
Post Credit :- Gov.uk and Chancellor Rishi Sunak
Reader notice :- We don't claim any information published here all information we have taken from government and Chancellor Twitter account. We request readers to directly visit gov.uk website or Chancellor Rishi Sunak Twitter page. Only approach government directly don't get scammed, all the information is available on Government website and Chancellor twitter account ,We are just sharing it and making it easy for our readers to know.
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