Vale of Clwyd MP Dr James Davies is urging small businesses in Denbighshire that are struggling as a result of Covid-19 to take advantage of the new ‘Bounce Back’ loan scheme which has been launched by the UK Government today.
Under the scheme, Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 – with the cash expected to land within days.
James said:
“This pandemic has hit small businesses hard and these loans could help them get through these troubled times.
“As part of the scheme, small businesses can borrow between £2,000 and £50,000 and the Government will provide lenders with a 100% guarantee and cover the cost of any fees and interest for the borrower for the first 12 months. No repayments will be due during this period to enable firms to get back on their feet.
“The process for applying is very simple, it is an online form and only involves the applicant answering seven questions.
“The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans, and any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.
“This new scheme of 100% government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them. This will help ensure they can continue to trade, and be a key part of the UK Government’s efforts to reboot the British economy.
“I know many small firms and sole traders in the Vale of Clwyd are struggling because of this pandemic, and I would urge them all to consider these Bounce Back loans.”
The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.
For further information about the Bounce Back loan scheme and how to apply, visit:https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
