The Chancellor has announced that within the first 24 hours of the Bounce Back Loan Scheme over 69,000 applications have been approved.
On the first day of the scheme (4th May) the seven largest lenders, Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money, have received more than 130,000 applications.
These Bounce Back Loans are helping thousands of small and medium sized firms get a quick finance at an affordable rate, and 100% government-backed guarantee.
Rishi Sunak, The Chancellor of the Exchequer said:
“Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth”
“These loans will help them bounce back from the crisis – getting money fast – so it’s great to see more than 69,000 business benefiting in just the first day.”
“It’s vital this speedy progress continues in the days and weeks ahead”
Become an NFRN Member
Related Articles
14/04/2020
Introduced in the Coronavirus (Scotland) Act., as part of...
read more
17/12/2020
Health Secretary Matt Hancock today announced changes to England’s...
read more
02/12/2020
11 areas will remain under level four Covid-19 restrictions...
read more
Related Articles
27/04/2020
Ken Skates, Economy, Transport and North Wales Minister, has announced that businesses and organisations that have successfully applied for the Welsh Government's £500 million Economic Resilience Fund will start receiving payments by the end of the week.
Read More
18/02/2021
In Scotland retail, hospitality, leisure and aviation businesses will pay no rates during 2021-22.
Read More
12/06/2020
Changes have been made to the Small Business Grant in Scotland, extending the scheme to retailers who are not the registered ratepayer or who operate more than one shop.
Read More