Small businesses will be able to borrow between £2,000 and £50,000 to help them stay afloat during the current coronavirus crisis. They will have access the cash within days of application.
The loans will be interest free for the first 12 months, and businesses can apply online through a “short and simple online form”.
The new loans are designed to help bolster the existing government support available to businesses affected by the coronavirus pandemic.
Chancellor 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.”
The scheme will launch for applications on Monday May 4, 2020.
