Rishi Sunak announces micro-loan scheme for businesses with £50,000 limit

The chancellor, Rishi Sunak, has announced a new micro-loan scheme for businesses with a £50,000 limit while coronavirus lockdown measures stay in place. Firms will be able to get loans worth up to 25% of turnover, with a maximum payment of £50,000. The government will pay the interest for the first 12 months, he says. And the government will back them 100%. Other coronavirus loans offered by the government are only 80% backed by the government. That still exposes banks to 20% of the risk, and it has led to complaints that banks are not lending
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