Coronavirus bounce back loans
The new Bounce Back Loans scheme is now open for applications. The scheme allows small and medium-sized businesses to borrow between £2,000 and £50,000 and access the cash within days.
- 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 also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans.
- Businesses can apply online through a short and simple form.
You can find further information about the scheme, including eligibility, here.
The scheme will be delivered through a network of accredited lenders and will run alongside the existing Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Click the following link for more details: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan