Apply for a Coronavirus Bounce Back Loan

Updated: May 14

This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. All information below can be found here.

Updated: 4 May 2020


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


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

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)

  • public-sector bodies

  • further-education establishments, if they are grant-funded

  • 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).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

How to apply

Small business owners can now apply to accredited lenders by filling out a simple online form, with only seven questions. Apply for a Bounce Back Loan here.

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