The Chanellor of the Exchequer has announced a new 100% Government-backed loan scheme for small businesses, such as fisheries, affected by the Coronavirus pandemic.

The Bounce Back Loans scheme will provide loans of up to £50,000 and will open for applications on Monday, 4th May.

Businesses will be able to access the loans through a network of accredited lenders and is designed to ensure businesses requiring vital cash injections to keep operating can get finance in a matter of days.

Main points of the Bounce Back Loans include:

  • businesses will be able to borrow between £2,000 and a maximum £50,000 and access the cash within days
  • the government will pay any fees and interest for the first 12 months
  • no repayments will be due during the first 12 months
  • the government will provide lenders with a 100% guarantee for the loan

The loans will be easy to apply for through a short, standardised online application.