The latest of the government’s financial support initiatives is set to launch next Monday 4 May. The Coronavirus Bounce Back Loan Scheme will help small and medium-sized businesses to apply for loans of up to £50,000.
- Loans worth up to 25% of business turnover
- Borrow between £2,000 and £50,000
- 100% government guarantee
- No fees or interest for 12 months
- Terms of up to 6 years
Who can apply
You can apply for a Bounce Back 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
Please note: You can not apply if you have already secured funding via the Business Interruption Loan Scheme. However, it is possible to transfer to the Bounce Back Scheme until 4 November 2020.
Read full details here.
The scheme will be delivered through a network of accredited lenders. We have already heard directly from one bank who will be offering the scheme shortly with a simple online application form.
We will share further details with you as soon as we have them.