Coronavirus-hit firms to get 100% backing for loans in major government U-turn
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mirror.co.ukChancellor Rishi Sunak has said the Government will guarantee loans of up to £50,000 to small businesses. The new fast-track finance scheme will provide loans with a 100% government-backed guarantee - making it quicker for banks to approve the loans to smaller companies.
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.
Loans to small businesses have been delayed so far in the crisis - as banks struggled to access the financial viability of very small businesses.
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