The government has launched the bounce back loan scheme, which may be of interest to you or someone you know.
These are loans of between £2,000 and £50,000 over 6 years specifically for small business. They are available up to a maximum loan amount based on either 25% of 2019 turnover or £50,000 whichever is lower.
The loans will be 100% guaranteed by the government and there will be no repayments within the first 12 months. There are also no application fees.
Loan interest is capped at 2.5% and the government will pay the interest for the first year. There are also no penalties for paying off the loan early before the 6 year term.
People can apply if their business has been negatively affected by the coronavirus and they were not experiencing difficulty at 31st December 2019.
More information on the scheme and how to apply can be found at:
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
