This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
This scheme is not yet available – it is set to launch on 4th May 2020.
The Bounce Back Loan scheme is to help small and medium businesses borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there will not be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years with no repayments 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 though a network of accredited lenders.
Eligibility
You can apply for the loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31st December 2019
If you are already claiming funding under the Coronavirus Business Interruption Loan Scheme (CBILS) you cannot apply.
How to Apply
The Bounce Back Loan Scheme will launch on 4th May 2020 and we will receive more information about the application process soon – at this stage we do not know anymore.
If you have any questions please do let us know – otherwise we will be in touch when we have information about the application process and how we can help you.