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.
Bounce Back Loan Scheme key features
- 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.
If you would like to discuss any of the government’s coronavirus financial support measures, please get in touch with the partner or key contact at your usual RfM office.