Small Businesses can now get a loan without having to jump through a load of hoops, up to £50,000 for up to 6 years (with the government paying the first year’s interest).
Apply from Monday 5th May. Expect the cash in the bank in about 24 hours!
But before you take out the loan, remember you are still liable to repay it. If you were struggling before the virus hit, ask yourself if you are prepared to get into more debt.
For many small businesses an overdraft has been easier to get and more appropriate for their needs. But this could be a real life line to those still struggling.