This scheme helps 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.
The Bounce Back Loan scheme enables small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 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 has worked with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme is being delivered through a network of accredited lenders.
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)
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 could 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.