Chancellor Rishi Sunak has announced an extension of programe that support small businesses through the global pandemic.
In Brief:
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The Bounce Back Loan Scheme can now be paid back in 10 years rather than six.
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CBILS has also had an extension of its loan terms.
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Businesses can now apply for such loans until the end of November.
What does this mean?
CBILS, CLBILS, the Bounce Back Loan Scheme and the Future Fund will now be able to support small and medium enterprises, including a number of FinTechs, for longer. The news comes as the country enters a second wave of Covid-19 which Sunak says could threaten economic recovery.
