SMALL businesses in Redditch can now benefit from a new fast-track finance scheme providing loans with a 100 per cent government-backed guarantee for lenders.
The new Bounce Back Loans scheme, which will provide loans of up to £50,000, helps bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
It means as of this week small business owners can apply to accredited lenders by filling out a simple online form.
This latest scheme follows a raft of measures to support small businesses and so far £9.1million in grants have been handed out to small businesses in Redditch.
The Bounce Back Loans scheme has been designed to ensure small firms who need cash injections to keep operating can get finance in a matter of days.
Central government will provide lenders with a 100 per cent guarantee for the loan and pay any fees and interest for the first 12 months during which no repayments.
Rachel Maclean, MP for Redditch, said: “Our smallest businesses are the backbone of our town’s economy and play a vital role in our communities.
“This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
“This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of small businesses in Redditch.”
The loans are available through a network of lenders, including the five largest banks.
