BOUNCE BACK LOAN SCHEME FOR BUSINESSES

Starting today 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.

Eligibility

You can apply if your business:

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

Not eligible to apply:

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

For more information see https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan