Chancellor, Rishi Sunak, has announced a new Bounce Back loan scheme, allowing small businesses to apply for a loan of up to £50,000, with the government guaranteeing 100% of the advance.

Small businesses can apply for a minimum of £2,000 up to a maximum of £50,000, or 25% of business turnover, with no capital or interest payments due for a year.

This is welcomed news for small businesses who need a quick financial solution during the crisis. To apply for this loan scheme, businesses should approach their bank where they will have to complete a simple two page form online – the bank will not require any business viability tests or eligibility criteria.

The scheme opens at 9am on Monday, 4 May 2020, with the bulk of loans being paid within 24 hours of approval.

For help or advice, please do not hesitate to contact the team on 0161 761 5231 or email