Looking for a business loan?
The latest Coronavirus pandemic has disrupted many existing Hertfordshire businesses but now the UK government has stepped in to help.
DAA Consulting have links with lenders who can offer access to Coronavirus Business Interruption Loans (CBILS) and the Bounce Back Loan to businesses in Hertfordshire.
Both loans are backed by the government and are interest free for the first 12 months.
Coronavirus Business Interruption Loan Scheme (CBILS)
- CBILS is a government loan scheme available for Small, Medium Enterprises (SME’s) who:
- are based here in the UK
- have a turnover of no more than £45m per annum
- meet the British Business Bank criteria
- CBILS is managed by the “British Business Bank” (BBB) (currently known as the Enterprise Finance Guarantee)
- The loan is delivered by a number of accredited lenders
- There is support for loans of up to £5m and the government will cover up to 80% of any losses incurred
- Loans of up to £250,000 will not require any personal guarantees
- personal guarantees will only apply to 20% of any amount above £250,000
- There are no fees associated with this loan
- The loans are interest free for the first 12 months
- The Government will cover the payment of the interest (not the capital) for the first six months
- Repayments are available up to six (6) years
Bounce Back Loans for Hertfordshire Businesses
The new government backed Bounce Back Loan scheme will help small and medium-sized businesses to borrow up to £50,000.
The good news is that;
- The UK government will guarantee 100% of the loan
- There will not be any fees to pay
- There will not be any interest for the first 12 months
- Loans can be payable for up to 6 years
- No repayments will be due during the first 12 months
- The UK government will agree with lenders a low rate of interest which will be added after the first 12 months