Covid-19: SME brokers eligible for government bounce back loans

Money

Small and medium sized brokers can borrow between £2,000 and £50,000 from the government’s bounce back loan scheme.

The executive director of the British Insurance Brokers’ Association, Graeme Trudgill, stated that the Treasury had confirmed that SME brokers would be accepted on to the scheme.

The loans can be obtained through accredited lenders and the government guarantees 100% of the loan.

In addition, there are no fees and no interest or repayments to be made in the first 12 months.

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