As the government strives to do all can to support businesses, so far, 69,000 Bounce Back Loans worth over £2 billion have been approved in just the first 24 hours.
Barclays Danske, HSBC, Lloyds, RBS, Santander and Virgin Money, received 130,000 loans on the first day, with 69,000 already approved lenders are working round the clock to process the rest of applications as quickly as possible.
I hope these loans worth 25% of turnover and interest free for 12 months will be a boost for businesses in South Derbyshire.
There are many fantastic businesses in the UK and we must do all e can to support them. We may have passed the peak of this pandemic but it ill still take time for things to return to normal.
If you have been impacted by the Coronavirus and need a loan, you can borrow between £2,000 and £50,000, up to 25% of turnover. You can find out more by going to https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan. There is also other help such as cash grants, VAT deferrals and the removal of business rate tax. You can find out more on my website.