Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000.
HM Treasury issued a Press Release yesterday outlining some of the key points:
- £2,000 - £50,000 as a loan (up to 25% of your turnover)
- Flat rate of 2.5% interest
- Anyone who has taken a CBILS loan can have it ported over to this new scheme to avail themselves of the better interest rate
- The Government will guarantee 100% of the loan, pay the first 12 months of interest and fees, and has barred the banks from requiring personal guarantees.
At present, the following banks are signed up and offering these loans:
- Bank of Scotland
- Clydesdale / The Yorkshire Bank
- Danske Bank
- Lloyds Bank
- Ulster Bank
MetroBank has said that it intends to start offering them very shortly.
See the full release here: