Changes to Small Business Loan Scheme
Changes to the government’s small business cashflow (loan) scheme include:
· Applications are open for 3 more years, closing 31 December 2023.
· No interest will be charged if the loan is repaid within 2 years (up from 1 year).
· There are fewer restrictions on what the money can be spent on.
If you already have one of these loans, your loan will automatically be covered by the new terms and conditions.
Small businesses, including sole traders and contractors, can apply for these low-interest loans through Inland Revenue.