Small businesses are set to benefit from a new fast-track finance scheme providing loans with a 100% Government-backed guarantee for lenders, the Chancellor has announced.
Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50k, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
The British Chambers of Commerce has welcomed the initiative.
BCC director general Adam Marshall said: “The Chancellor has demonstrated he is listening to the concerns of our business communities and taking steps to get cash to the front line where it is needed.
“This new route for our smallest companies to apply quickly and get a fast decision will be crucial to those who have struggled to get a CBILS loan.”