Micro loans gain 100% Government guarantee

Today the Chancellor, Rishi Sunak, announced that small businesses will be able to access 100% Government guaranteed loans from as soon as next week.

Loans of between £2,000 and £50,000 may be accessed based on a two page on-line self-certification application.

We understand that businesses will only have to demonstrate that they were viable before the Pandemic.

The loan must not exceed 25% of turnover and will be interest and capital repayment free for the first year.

This move comes after criticism that the banks are not dealing quickly enough with CBILS loans due to the necessary credit and other checks. It is anticipated that these new loans will be available within 24 hours of the application.