Due to the Coronavirus (covid 19) pandemic, we are ceasing publication of Champion Newspaper titles for the time being. We shall continue to have an important presence online both on our website at champnews.com and on the Champion Newspapers Facebook page, where you can find all your local news and more. Stay Safe!
Southport MP welcomes Bounce Back Loans Scheme

Southport MP welcomes Bounce Back Loans Scheme

by Danielle Thompson (May 2020)

SMALL businesses across Southport will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, according to the resort’s MP.

Chancellor of the Exchequer Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4million jobs through the job retention scheme and tax deferrals supporting hundreds of thousands of firms.

The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months. The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days - providing immediate support to those that need it as easily as possible.

Southport MP Damien Moore said: “I’m pleased that the Government has put this scheme in to place which will help small businesses here in Southport. Small businesses are vital in ensuring our communities thrive and will be crucial in creating jobs and securing economic growth as we recover.”

Chancellor of the Exchequer Rishi Sunak said: “Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.

“This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.”

Applications are now open for the loans.

Search for news

Latest News