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 on a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders. These lenders are yet to be determined or confirmed, but we will update you as soon as we have further information.
You can apply for a 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
If you’re already claiming funding
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
At Finance for Entrepreneurs, we are a NACFB and FCA regulated commercial finance broker, able to offer you help and advice when applying for your finance. We are also working with accredited lenders and some alternative finance providers to ensure that all options are considered for your business and its protection.
We’re here to give your business the best chance!