28 Apr 2020

Bira welcomes 100% Government-backed loans for smallest businesses with bounce back loan scheme

Bira has welcomed a new Government bounce back scheme to offer 100% taxpayer-backed loans for the UK's smallest businesses.

Last night (April 27), Chancellor of the Exchequer Rishi Sunak announced the scheme would start next week offering firms loans of up to £50,000 within days of applying.

To access the loans - free of capital or interest repayments for one year - customers will be required to fill in a two-page self certification form online.

The move follows widespread criticism of the Government's Coronavirus Business Interruption Loan Scheme (CBILS), which many businesses have reported being difficult to access.

Andrew Goodacre, Bira CEO, said: "Bira welcomes this new initiative by the Chancellor to support the smaller businesses.

"Independent retailers who have had their business closed and have failed with CBILS desperately need working capital as they prepare to open the doors of their shops as we transition from lockdown.

“We have been asking for more support and I am really pleased about this and would like to see the detail of these new loans to ensure that they will truly support our members and independent retailers in general.”

View more information about the bounce back loan scheme here. 

Unsure of what support is available to you? Visit the Government's new business support finder.

For all the latest updates, visit Bira's Coronavirus hub
Coronavirus hub