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News & Press: April 2020

MIA members and UK motorsport will benefit from latest government support

28 April 2020  
Posted by: Motorsport Industry Association
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“Good news today from government for UK motorsport. The vital supply chain of Motorsport Valley® is made up of many, world-class specialist small companies” says Chris Aylett, CEO of the Motorsport Industry Association (MIA). "We’ve relentlessly encouraged the Treasury to find support for these as they will be critical to the restoration of our UK motorsport industry in the future, even though initial priorities for support have been, understandably, focussed on our large employers. These loans could be just the lifeline many need so I strongly suggest they ACT NOW!".

New 100% government backed loan scheme for small business

  • businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
  • loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced today (Monday 27 April).

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.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4 million jobs through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

The government, which has been consulting extensively with business representatives about the design of the new scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.

The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days- providing immediate support to those that need it as easily as possible.

Find out more on the government website here