Close Menu
Pet Business World
  • Trade News
    • Distributors
    • International
    • Legislation
    • Manufacturers
    • Other trades
    • Retailers
  • New Products
    • Birds
    • Cats
    • Dogs
    • Small Animals
  • Features
    • Industry Experts
    • Retailer profiles
  • Aquatics
  • Columnists
    • Newshound
    • Reptile Trade Views
  • People
  • Magazines
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
  • Classifieds
  • Trade Directory
  • Advertise
  • Email Newsletters
  • Subscribe
Facebook X (Twitter)
  • FREE Email Newsletters
  • About Us
  • Advertise
  • Contact Us
  • Free Magazine Subscriptions
X (Twitter) Facebook
Pet Business World
  • Trade News
    • Distributors
    • International
    • Legislation
    • Manufacturers
    • Other trades
    • Retailers
  • New Products
    • Birds
    • Cats
    • Dogs
    • Small Animals
  • Features
    • Industry Experts
    • Retailer profiles
  • Aquatics
  • Columnists
    • Newshound
    • Reptile Trade Views
  • People
  • Magazines
    1. May 2025
    2. April 2025
    3. March 2025
    4. February 2025
    5. January 2025
    6. December 2024
    Featured

    PBW News – May 2025

    By David ReesMay 13, 2025
    Recent

    PBW News – May 2025

    May 13, 2025

    PBW News – April 2025

    April 24, 2025

    PBW News – March 2025

    March 11, 2025
  • Classifieds
  • Trade Directory
Pet Business World
Legislation

New Bounce Back Loans launch today

Michele SwalesBy Michele SwalesMay 4, 20204 Mins Read
Facebook Twitter LinkedIn Email
Share
Facebook Twitter LinkedIn Email

Thousands of small firms and sole traders – including high street shops – will be eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.

From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.

The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this more generous new scheme.

The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, four million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

KEY ROLE

The Chancellor of the Exchequer, Rishi Sunak, said: “Small businesses will play a key role creating jobs and securing economic growth as we recover from the coronavirus pandemic.

“The Bounce Back Loan scheme will make sure they get the finance they need – helping them bounce back and protect jobs.”

Business Secretary Alok Sharma said: “We are backing small businesses, which are the backbone of our communities, with the support they need to stay afloat.

“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 them. This will help ensure they can continue to trade, and be a key part of our efforts to reboot the British economy.”

As part of the scheme, small businesses can borrow between £2,000 and £50,000. The government will provide lenders with a 100% guarantee and cover the cost of any fees and interest for the borrower for the first 12 months. No repayments will be due during this period to enable firms to get back on their feet.

LENDERS

The loans are available through a network of lenders, including the five largest banks.

Mike Cherry, national chairman of the Federation of Small Businesses, said: “We know many small firms have struggled to secure small loans speedily. We are pleased that the Chancellor has listened, and swiftly developed this new scheme for small businesses to access finance quickly, interest-free for the first year and at an affordable fixed interest rate for the remainder.”

Tej Parekh, chief economist at the Institute of Directors (IOD) said: “The government has kept an open ear to businesses, and continues to adapt its coronavirus response, which is very welcome. The business interruption loan scheme has started to reach firms, but small firms were still having difficulty accessing finance. This additional measure should help more of those firms get the cash they need to see them through the weeks and months ahead.”

HARD

“While the existing CBIL scheme may be appropriate for some businesses, our smallest businesses told us that they were finding it hard in practice to access this support from banks. By extending the current government guarantee from 80% of each loan to 100%, we hope this will make it more likely that banks will extend finance at a critical time. And by making it simpler to apply, SMBs should be able to get the help they need quickly just when they need it most.”

Dr. Adam Marshall, director general of the British Chambers of Commerce (BCC) said: “The launch of the Bounce Back Loan scheme is an important milestone in getting credit flowing to small firms who have so far struggled to access the financial support they need. The standardisation of the interest rate that can be charged after the first 12 months is a welcome step in helping firms manage their ongoing costs.

“We look forward to working with the government, British Business Bank and UK financial institutions to ensure that the new scheme supplies cash to businesses on the ground quickly.”

Rain Newton-Smith, CBI chief economist, said: “The Chancellor is standing shoulder to shoulder with small businesses to help them through the crisis.
“A 100% government guarantee on loans and a simple way of applying will be a lifeline to many small businesses and sole traders under pressure.

Banks have been operating at full throttle and must stay in overdrive to get more money out of the door faster. Time is of the essence.”

Share. Facebook Twitter LinkedIn Email
Previous ArticleBeaphar makes and distributes free hand sanitiser
Next Article Virtual trade show opens for registration
Michele Swales

Read Similar Stories

Legislation

Competition authority suggests remedies for vet market

May 2, 2025
Legislation

PIF urges action on licensing data gaps

February 12, 2025
Legislation

PIF launches Business Toolkit

January 8, 2025
Most Read

Local store teams up with spaniel expert

June 3, 2025

Guinea Pig Welfare Forum returns for 2025

June 3, 2025

UK Pet Food welcomes new chair

June 2, 2025
© 2025 Lewis Business Media. All Rights Reserved.
Lewis Business Media, Suite A, Arun House, Office Village, River Way, Uckfield, TN22 1SL

Privacy Policy | Cookie Policy | Terms & Conditions

  • OvertheCounter
  • Pest Magazine

Type above and press Enter to search. Press Esc to cancel.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “ACCEPT ALL”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsREJECT ALLAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
AWSALBCORS7 daysThis cookie is managed by Amazon Web Services and is used for load balancing.
cookielawinfo-checkbox-necessary1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category .
PHPSESSIDsessionThis cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
AWSALB7 daysAWSALB is a cookie generated by the Application load balancer in the Amazon Web Services. It works slightly different from AWSELB.
explat_test_aa_weekly_lohp_2021_week_4517 days 8 hoursNo description
ppwp_wp_session30 minutesNo description
tk_ai14 daysGathers information for WordPress by themselves, first party analytics tool about how WP services are used. A collection of internal metrics for user activity, used to improve user experience.
tk_qssessionGathers information for WordPress by themselves, first party analytics tool about how WP services are used. A collection of internal metrics for user activity, used to improve user experience.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
OAGEOsessionOpenX sets this cookie to avoid the repeated display of the same ad.
OAID1 yearThis cookie is set when an AdsWizz website visitor have opted out the collection of information by AdsWizz service or opted to disable the targeted ads by AdsWizz.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gat_gtag_UA_31822138_71 minuteSet by Google to distinguish users.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
tk_lr1 yearThe tk_lr is a referral cookie set by the JetPack plugin on sites using WooCommerce, which analyzes referrer behaviour for Jetpack.
tk_or5 yearsThe tk_or is a referral cookie set by the JetPack plugin on sites using WooCommerce, which analyzes referrer behaviour for Jetpack.
tk_r3d3 daysJetPack installs this cookie to collect internal metrics for user activity and in turn improve user experience.
SAVE & ACCEPT
Powered by CookieYes Logo