Development Bank of Wales – Business Loan Scheme
The Welsh Government and the Development Bank of Wales are making available a £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak. Loans of between £5,000 and £250,000 will be available to provide support to businesses who are experiencing cashflow difficulties as a result of the pandemic.
The Scheme will be available from the Development Bank of Wales for a limited period.
Details of the fund, eligibility and application process can be found on the Development Bank of Wales’s website.
The application process has been reduced to a bare minimum in recognition that speed of decision making and availability of funds are paramount. This will mean that the majority of organisations being approved will see money in their bank accounts within 7 days of submitting a completed application. Eligibility criteria are:
- Incorporated social enterprise or charity based in Wales
- Demonstrable effect on cash flow from flooding or Coronavirus
- Need to replace assets damaged in flooding
- Money can be used for: –
- Support for cash flow
- Purchase of replacement assets
- Bridging of receipt of insurance claims
Bounce Back Loans
Britain’s small businesses and sole traders will be able to apply for quick and easy-to access loans of between £2,000 to £50,000 to help them make it through the coronavirus outbreak.
Loans will be 100% government backed, and with interest charged at a flat rate of 2.5% interest. The government will cover the cost of any fees and interest for the borrower for the first 12 months, and no repayments will be due during this period. Applications will be through accredited lenders by filling out a simple online form, with only seven questions. If approved, the cash will arrive within days.
To apply, see further information about the Bounce Back Loan scheme.