Torbay businesses are being encouraged to find out about additional financial support that has just been announced by the government, including new 100% government guaranteed loans.

From 4 May the new Bounce Back Loans scheme, announced by Rishi Sunak, Chancellor of the Exchequer will allow small and medium businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and businesses will be able to apply online through a short and simple form.

Although administered by banks, we want to ensure local small businesses make use of any support that can help them get back on their feet.

Businesses can apply for a loan if they:

• Are based in the UK.
• Have been negatively affected by coronavirus (COVID-19)
• Were not 'undertaking in difficulty' on 31 December 2019.

Swithin Long, Cabinet Member for Housing, Regeneration and Tourism at Torbay Council said “The Bounce Back Loan scheme will be a lifeline for those businesses who do not fall into the grant funded criteria, but who need cash flow quickly to avoid getting into financial difficulties. The loan scheme adds to a package of Government grants, tax deferrals and the job retention scheme which are helping to support hundreds of small businesses across Torbay.”

Firms will be able to access these loans through a network of accredited lenders. The Government will work with lenders to ensure loans delivered through the scheme are advanced as quickly as possible, and agree a low standardised level of interest for the remaining period of the loan.

It will run alongside the Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Review the full range of financial support packages for businesses on offer locally on our Financial Support For Businesses page.