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 - 7 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 6 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/."
