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UK starts state-backed loans for smallest firms | Malay Mail

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LONDON, May 4 — A government-backed loan scheme to help Britain’s small businesses survive the coronavirus lockdown comes into effect today, allowing firms such as hairdressing salons, coffee shops and florists to receive emergency cash. Finance minister Rishi Sunak, who previously opposed 100...

Britain's Finance minister Rishi Sunak, who previously opposed 100 per cent state backing for commercial loans, announced the new facility on April 27, bowing to pressure to do more for the smallest companies after a previous scheme got off to a slow start. — Reuters pic

Finance minister Rishi Sunak, who previously opposed 100 per cent state backing for commercial loans, announced the new facility on April 27, bowing to pressure to do more for the smallest companies after a previous scheme got off to a slow start. “Small businesses will play a key role creating jobs and securing economic growth as we recover from the coronavirus pandemic,” Sunak said in a statement to mark the first day when the Bounce Back scheme goes into operation.

Most British businesses have been shut to the public since March 23, when the government imposed social distancing measures to slow the spread of the virus. Government forecasters have said the economy could contract by 35 per cent in the second quarter.

 

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