Nusrat Ghani, MP for Wealden, has welcomed the 100% Government guaranteed Bounce Back loan which offers another crucial lifeline to local businesses who may have found other government support, including the CBIL scheme, difficult to access.
This simplified (seven-question application) loan is interest and payment free for the first 12 months and then has interest capped at 2.5% for the rest of the six year duration of the loan with no charges or penalties for early repayment.
Speaking on the first day the loan is available, Nusrat Ghani said "This is a win for small businesses locally and I know it will provide swift and meaningful support for those who need it most during this incredibly challenging time.
"I have been inundated by correspondence from businesses and the self employed during the pandemic and along with my office have dealt with close to a thousand cases dealing with the impact of COVID19.
"I have also raised Wealden cases with the Government, most recently at the Business Select Committee hearing. The Bounce Back loans will be welcomed by many in Wealden and I hope that businesses who qualify will apply for the loan and see further details on the Government website https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan.
"I must also put on record the work of Wealden District Council in managing the two small business grant schemes which will be a lifeline for thousands of businesses across Wealden. Grant funding is still available and I urge local businesses to check on the Wealden Council website https://www.wealden.gov.uk/news-and-events/coronavirus-covid-19-latest/grants-and-support-for-businesses/."