Richard Holden welcomes new Business Bounce Back Loans for small firms in North West Durham

Over 100,000 businesses have already applied for the Government's new Bounce Back Loans. If you need one apply here: Bounce Back Loan scheme.

  • Small businesses ARE NOW able to apply for quick and easy-to-access loans 
  • Businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days, interest & fee free for a year and then fixed at 2.5% for the next five years with no repayments due during the first year.
  • Loans are be 100% government backed for lenders, and businesses can apply online through a short and simple form with only seven questions.

Thousands of small firms and sole traders – including high street staples like hairdressers, coffee shops and florists – are eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.

Any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.

If you're applying for one of these loans with a new bank then you may need to set up an account with them.

The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

To keep up to date with my work in North West Durham, sign up here or by using the form on this page.