The Government has announced a new loan scheme to be offered to small and medium sized businesses from Monday 4 May. It is hoped that the Bounce Back Loans will help small firms that are in need of vital cash injections in order to keep operating.
Businesses based in the UK will be able to borrow between £2,000 and £50,000 and should be able to access the cash within days. In order to apply for the loan, businesses will need to follow a short, standardised online application process. The Government has confirmed that there will be no repayments, fees or interest expected on the loans during the first 12 months.
The loan scheme will be launched as part of the Government’s efforts to support the UK’s economy during the COVID-19 outbreak. Applications will be accepted from 4 May and will be available to most sailing clubs, recognised training centres, instructors, class associations and Sailability groups.
However, businesses will not be able to apply for a Bounce Back Loan if they are already claiming under the Coronavirus Business Interruption Loan Scheme.
RYA Director of External Affairs, Howard Pridding said: “The new loan scheme is positive news for many of the clubs, centres and organisations in the RYA network that have to date fallen through the cracks of the financial support measures put in place by the UK Government. However, we are also aware that there will still be many individuals and organisations in our network that will not be eligible for these financial support packages and we are working with other Sport National Governing Bodies and the Sport & Recreation Alliance to lobby Government at this difficult time.
If you find yourself in this position, please do get in touch with the RYA Legal Team so that we may assess the extent of the shortfall and continue to lobby Government on your behalf,” he concluded.
For more information about the financial support packages available to UK businesses and self-employed individuals, please take a look at the Coronavirus Hub on the RYA website. Club Commodores and Training Centre Principals are also encouraged to check out the RYA Coronavirus (COVID-19) FAQs for Affiliated Clubs, Classes and Recognised Training Centres for detailed support and guidance.
If your business requires any assistance with applying for business loans or grants then please contact the Legal team via email email@example.com or call 023 8060 4223.