The program is designed to provide financial support to SMEs through a simple and standardized online application program. Loans should be made to businesses within days of an approved application, providing quick access to vital working capital.
The loans are 100% guaranteed by the government, which will also cover all fees and interest payments during the first 12 months. The loan term can be up to six years and no repayment will be due during the first 12 months. The government will work with the lender to agree on a low interest rate for the remaining period.
This new program is a transformation for the small businesses that are a vital part of our economy, creating jobs and ensuring economic growth. Independent traders, micro-businesses and entrepreneurs will now have a simple way to finance themselves quickly to stay afloat, without red tape or tedious checks.
The program will be launched on Monday May 4.
For more information, see the CBI file on the financial arrangements offered to companies.