The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years.
No repayments will be due during the first 12 months.
The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans.
Businesses can apply online through a short and simple form.
You can find further information about the scheme, including eligibility, here.
The scheme will be delivered through a network of accredited lenders and will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS)