Credit Unions: Northern Ireland

Treasury written question – answered on 6th May 2020.

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Photo of Colum Eastwood Colum Eastwood Social Democratic and Labour Party, Foyle

To ask the Chancellor of the Exchequer, whether Credit Unions in Northern Ireland are able to be accredited lenders under the Bounce Back Loan scheme.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

On 27 April, the Chancellor announced the Bounce Back Loans Scheme to ensure that the smallest businesses can access loans in a matter of days. The scheme launched on 4 May, offering loans from £2,000 up to £50,000, capped at 25% of firms’ turnover. The Government will provide lenders with a 100% guarantee on each loan, to give lenders the confidence they need to support the smallest businesses in the country. The Bounce Back Loans Scheme is open to businesses and lenders across the UK. Lenders in Northern Ireland interested in accreditation can enquire through the British Business Bank.

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