New Government business loan launched

12:09pm - 27 May 2020
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A new loan for local businesses has been launched by the Government. The Bounce Back Loan Scheme will enable businesses to borrow up to £50,000, accessing money within days, and in some cases within 24 hours.

The 100% Government backed loan will help small and medium-sized businesses affected by coronavirus (COVID-19), offering loans without fees or interest to pay for the first 12 months.

Cllr Mark Canniford, Executive Member for Business, Economy and Employment at North Somerset Council, said: “This loan will be a lifeline for many organisations, offering a much-needed cash injection to allow them to continue running during this difficult time. The council has advice and guidance on different support routes and is working closely with local businesses to ensure they are aware of all the available support options”.

The loan will be up to six years, with no repayments due during the first 12 months. The Government has agreed with lenders a flat rate of 2.5% interest for the remaining period of the loan.

Eligibility includes:

  • being based in the UK
  • the business has been negatively affected by coronavirus
  • the business was not ‘undertaking in difficulty’ on 31 December 2019

For support and advice on the Bounce Back Loan and other business grants and support, contact:

  • Phone: 01934 426266
  • Email: business@n-somerset.gov.uk
  • Website: www.n-somerset.gov.uk/covidbusinesssupport