COVID-19: Essential information

COVID-19: ‘Bounce back’ loan for micro businesses

27 April 2020
3 minute read

Jhanvi Gudka

The Chancellor, Rishi Sunak, has today announced a brand new micro loan scheme to support the smallest small businesses in the UK.  

What is it? 

The ‘bounce back’ will provide quick and easy finance for those that need smaller loans to bridge cash flow or to simply keep the lights on.  

How much can I get? 

The loans will extend to 25% of the small business’ turnover up to a maximum of £50,000 and the Government will pay the interest for the first 12 months. The Government will guarantee 100% of the loan to the lender to make it completely risk-free. 

How do I apply? 

There will be a simple standard form for small businesses to fill in with no complex eligibility criteria.  

How quickly can I access this funding? 

The loans will be available from 9am next Monday (4th May) and the Government aims for the funds to be with small businesses within 24 hours of approval.  

We will keep you up to date with the latest information as more details of the scheme are released. 

Disclaimer: The content of this page is a summary of the law in force at the present time and is not exhaustive. Any links to other sites, are provided for your information only: Liberis is not authorised to provide financial advice. If you access other sites using the links provided, we accept no responsibility for the content of those sites. 

 

Next Steps

Liberis finance have won Alternative Lender of the Year for 2 years running. Find out more about what we do.

Find out more