Category: Coronavirus Funding updates

A local business to Stratford applied yesterday (5th May) to Lloyds for a £50k Business Bounce Back Loan under the scheme which went live on 4th May. The facility was approved and the money was credited to the businesses bank account today, 6th May.

I appreciate the facility is 100% backed by the government, although there are still risks to the lender but I think credit should be given to the Government for this and other Coronavirus Business Interruption Loans. Likewise, in this case, credit to Lloyds for the speed with which the loan was delivered.

Its vital the economy is kept going in order for a basic infrastructure to exist as and when we come through this crisis.

This British Business Bank page has a current list of accredited lenders.

Not every lender can or will offer every type of funding.

Please remember this can be done directly, not via an intermediary like me, no fees should be paid to any broker.

• Launching 4th May
• Loans to businesses, from accredited lenders of £2,000 to £50,000
• Terms up to 6 years
• Government guarantee 100%
• No fees or interest in first 12 months
• Businesses must be UK based, negatively affected by Coronavirus and have been a viable enterprise pre outbreak
• If already claimed under CBILS then cant apply, but if you have already borrowed (under £50,000) under CBILS, amount can be transferred to Bounce Back Loan Scheme

More information to follow