Bounce Back Loans up To £50,000 From Your Bank
Launched on Monday 4 May, the scheme fast-tracks funding to SMEs with loans that are 100% government-backed guarantee for lenders. The government will also pay any fees and interest for the first 12 months (no repayments will be made within this time).
You will need to apply directly to your bank lenders are mainly only accepting (or prioritising) existing customers first.
Links to lenders application forms
- Borrow between £2,000 and £50,000 (up to 25% of a business’ turnover)
- Repay over 6 years, 2.5% interest rate, no early penalty
- Personal guarantee is not required
- As with CBILS, loans will be interest free for the first 12 months.
- 12 month capital repayment holiday is automatically applied at the start of the loan
- Businesses can apply online through the application forms above
- Once approved, the cash will be available in days
Bounce Back Loan Scheme eligibility criteria
Businesses from all sectors can apply for a facility with few exceptions. The business must self-certify to its lender the following:
- Confirm it is UK-based in its business activity, and established by 1 March 2020
- Confirm it has been adversely impacted by the Coronavirus (COVID-19)
- Confirm it is not currently using a government-backed Coronavirus loan scheme (unless using BBLS to refinance a whole facility)
- Confirm it is not in bankruptcy, liquidation or undergoing debt restructuring