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The Accountants for Growth

Bounce Back Loans - possibly a saviour for micro business

Bounce Back Loans - possibly a saviour for micro business
Details of the Government's new loan scheme designed the help micro businesses suffering from the Coronavirus lockdown The Government have just annonced a new loan scheme aimed at supporting the small business sector. The main details of the loan scheme are as follows: -

a) Businesses will be able to apply from 9am on Monday 4th May.
b) Bounce Back loans for 25% of their turnover up to a maximum of £50,000.
c) No forward looking test on viability.
d) Quick standard form to complete.
e) Government meets the interest for the first 12 months.
f) Loans should arrive within 24 hours of approval.
g) 100% Government backed.
The Government have already introduced the Business Interruption Loan Scheme but many entrepreneurs have found that access to the funds they need has been time consuming and many are fast running out of cash.
The Bounce Back loans maybe just the answer they are looking for in that it will provide much needed cash over a short time frame.
Mark James who has been working on securing loan support for clients of James, Stanley & Co. throughout this crisis commented 'If these loans do what they say on the tin and can be turned around in a short time scale, they may be the saviour of many small businesses'.
If you are struggling with cash flow and need a quick injection, then you should seriously look to put a Bounce Back loan in place.
If you need help in securing finance at this difficult time contact Mark James on [email protected] and he will do his very best to get you the cash you need to keep your business going.
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