MP for Heywood and Middleton Chris Clarkson welcomed further steps by the Chancellor today to help businesses during the COVID-19 crisis.
Companies will be able to get loans worth up to 25% of turnover, with a maximum payment of £50,000. The government will pay the interest for the first 12 months, and the government will back them 100%. The Chancellor has described these as ‘bounce back’ loans which will be available from next week, with no forward-looking eligibility test, just a simple, quick, standard form for businesses to fill in.
Chris said: “The Chancellor has made some extraordinary moves to help keep businesses afloat with grants and financial support during these difficult times and I am pleased that these measures have been warmly welcomed by the Federation of Small Business (FSB), the Confederation of British Industry (CBI) and the Institute of Directors."
“This further announcement of micro loans with could be very useful indeed to companies in Heywood & Middleton and make all the difference to them keeping afloat. We know not all businesses will make it through this time – but this range of financial options is offering vital support.”
The micro loans will be available from Monday next week and firms will be able to access these loans through a network of accredited lenders.
