You may have seen on the news that the government announced a new funding initiative called ‘Bounce Back Loans’. These loans, up to £50,000, are 100% backed by the government (so no personal guarantees). There is no interest added in the first year and no repayments due in that time either.
Available from Monday (4th May), the application process for Bounce Back Loans will be much simpler than for other loans and the government is promising that funds will be available within 24 hours. You’ll be able to follow this link to apply.
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4th November 2020