The Bounce Back Loan is designed to inject much needed cashflow to businesses to get the cogs of the economy moving again. If your limited company cannot bounce back, and has to close down, what happens? Well, usually bank borrowing is underpinned by a director’s personal guarantee which results in you having to repay the debt, when you’ve just lost your income. Ouch!
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COVID19: New Bounce Back Loan Scheme – 100% government backed loan scheme for small business
Updated 29 April 2020: Following Monday’s announcement by Rishi Sunak, (27 April 2020) small businesses will benefit from the new fast-track Bounce Back loan finance scheme. The aim to provide loans with a 100% government-backed guarantee for lenders. If you are a smaller company who struggled to get a CBILS loan then this could be for you.
Continue readingCOVID19: What funding is available for my business?
Funding options and criteria available to you during COVID19 can be complex, which is why The Federation of Small Business have simplified the process so you can easily check your eligibility for different schemes. You’ll find tailored information for businesses in England, Wales, Scotland and Northern Ireland, as well as advice on what you can access if you’re self-employed. Download the PDF guide for your home nation to get started.
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