UHY Ross Brooke Chartered Accountants

New 100% government backed loans for SMEs

Bounce back loans

In the past few weeks we’ve been calling on the government to provide further support for SMEs.  We’re delighted that today the government has announced a 100% government backed loan facility for SMEs to borrow up to £50,000. 

Our view on the new scheme is that this is just the type of funding that is required and complements the main CBILS scheme very well. The simplified application should help to streamline the application process and the ability to defer capital repayments for 12 months provides business owners the time to re-structure their business and the confidence to accept the loan. Where the decision for Banks lending to a business was marginal, delays and rejections were likely, but this scheme will be a game changer for some businesses.

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