28 04 2020 nbsp 0183 32 From me as a small business owner it s a big thumbs up Earlier this month Governmmet opened up its coronavirus impact mitigation loans schemes to car retail groups with revenues of up to 163 500m with the launch of a new version of its Coronavirus Business Interruption Loans CBIL scheme 19 10 2021 nbsp 0183 32 His Winter Economy Plan announced on the 24th September was then updated on the 22nd October to include further grants for the self employed extensions to the Government s coronavirus loan schemes business grants as well as tax deferrals and a new Jobs Support Scheme Here we take a look at the most recent announcements and what this means for small businesses in the UK Government startup loans company Type Government Loan Loan amount 163 500 – 163 25 000 Interest Fixed 6 interest p a Loan term 1 year to 5 years Government loans are loans that are funded by government backed organisations who usually offer either regional or national businesses different loans depending on their location Yorkshire Bank s loan products are generally not available to new businesses that are under 12 months old but they do offer the government s Enterprise Finance Guarantee that enables new and fledgling businesses to borrow money without needing the security that is normally needed Through this government scheme businesses with a turnover up to 163 41 million can borrow between 163 25 001 and a government business loan How to find a government business loan Finding a business loan that suits your business can be complicated because of the number of options available in the market Whether you re looking for finance to grow your business or money to get your business started there are lots of different providers you can approach But things aren t necessarily straightforward

The interest free green loan programme instituted by the government to assist green small businesses that promote energy efficiency and job creation has recently been terminated however it is still possible to obtain low or no interest loans and small business grants through other means We can help with our publications that offer a wealth of information about loans and grants that your Government expands small business loan scheme eligibility Treasurer Josh Frydenberg says increased support is now available for small businesses as the COVID loan scheme no longer requires 03 03 2021 nbsp 0183 32 The Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period Up to 163 10 million is 28 04 2020 nbsp 0183 32 The government has announced that a new fast track finance scheme providing loans with a 100 government backed guarantee for lenders is designed to benefit small businesses The loans will be interest free and capital repayment free for the first 12 months and the simplified application forms will be self certified subject to not committing fraud 12 09 2021 nbsp 0183 32 A range of startup business grants are available depending on the sector you want to go into For example

22 01 2021 nbsp 0183 32 Soft loan These tend to be government backed and can offer repayment terms and conditions that may be more generous than those on offer through banks and building societies This could mean that your business pays lower interest rates or enjoy longer repayment periods Where to look for small business grantsThe government grants section has a wealth of articles and advice on how UK small businesses can get a grant from both the public and private sector along with helpful guides on the different types of business grants and funding available to startups and business owners running a business A small business grants guide for 2019 Here Peter Fleming takes a look at a range of options for Start Up Loans small businesses can borrow up to 163 25 000 Start Up Loans Start or grow your own business Borrow up to 163 25 000 Fixed interest rate of 6 per annum per year Repay over a term of 1–5 years 12 months of free mentoring Government backed Apply for funding now Apply online in 10 minutes Decision in as little as 1 hour Borrow 163 10 000 to 163 500 000 Rates from 2 9 12 1 p a Excellent 10977 reviews Funding Circle is accredited by the Government owned British Business Bank to provide business loans of 163 25 001 to 163 350 000 under the Recovery Loan Scheme RLS Get 500 to 5 5 million to fund your business Loans guaranteed by the SBA range from small to large and can be used for most business purposes including long term fixed assets and operating capital Some loan programs set restrictions on how you can use the funds so check with an SBA approved lender when requesting a loan

15 02 2021 nbsp 0183 32 A small business loan is money for your business you ll have to pay back within an agreed timescale This is different to a small business grant which you won t be expected to pay back Some grants will be offered on the basis that you must also invest the equivalent amount in your business For example if you re given a 163 10 000 grant you ll need to have 163 10 000 to invest too Businesses have to be less than two years old and have fewer than 25 employees Soft loan – These are similar to grants but are actually loans with lower interest rates and more generous terms than can be found via other lending routes Backed by the government the Start Up Loans scheme offers personal loans of up to 163 25 000 with a 6 Government launches new small business micro loan scheme 28 April 2020 the chancellor has announced a new Bounce Back loan scheme allowing small businesses hit by the impact of coronavirus measures to apply for up 163 50 000 with the government guaranteeing 100 of the advance 03 03 2021 nbsp 0183 32 Rishi Sunak promised to back the new loans for businesses in his Budget statement Stefan Rousseau PA Businesses of any size can apply for loans from 163 25 000 up to 163 10 million through to 04 05 2020 nbsp 0183 32 This new scheme of 100 government guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for

Of the over 5 5 million businesses in the UK over 99 of them are considered to be small or medium sized businesses characterised by having between 0 and 249 employees An even more staggering fact is that 5 3 of the 5 5 million businesses were considered to be micro businesses having 0 to 9 employees With such an immense ratio the government truly has a vested interest in the success of 18 03 2021 nbsp 0183 32 The Federal Government has announced an expansion to its loan guarantee scheme for small and medium sized enterprises increasing the loan amounts and the eligibility criteria for businesses With the JobKeeper payment due to end in March the Government has also announced a 1 2 billion tourism and aviation industry economic support package Loan amount 163 1 000 163 500 000 Repayment period 1 25 years Eligibility You must need this loan for business use and must be applying for a minimum of 163 1 000 You must also be a sole trader partner or director with authority to borrow on behalf of your business There are no arrangement fees or early repayment costs Pre start and new businesses trading for less than 36 months can apply for a grant of up to 163 500 or 163 1 000 if they meet the following criteria It s backed by the Scottish Government and aims to help businesses grow This funding will be provided through a series of initiatives which businesses can access for investment The level of funding depends on which initiative you choose 130 28 04 2020 nbsp 0183 32 The new Bounce Back Loans scheme which will provide loans of up to 163 50 000 is set to help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic It means that the government will provide lenders with a 100 per cent guarantee for the loan and pay any fees and interest for the first 12 months No repayments will be due during the