Bounce Back Loans Launched Today

Posted 04/05/2020
Written by Robert Parkin
Category COVID-19 HELP

New Bounce Back Loans to launch today - GOV.UK

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

Details and how to apply: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/
 

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

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