Britain provides loans to small Businesses

British Finance Minister Rishi Sunak said today that Britain has provided 100% state-subsidized loans to help small businesses amid the coronary virus pandemic Covid 19 and explained that commercial loans amount to 50,000 pounds.

Sunak said that the banks that deal with the loans will not be required to conduct credit checks or assess the long-term feasibility of the applicants, and that the companies will have no interest or repayment for the next twelve months.

Britain announced last month an emergency credit plan worth 330 billion pounds, which includes loans amounting to 5 million pounds for small and medium companies with 80% government guarantees, and the new loans aim to pay money to companies within 24 hours.