Bounce Back Loan Scheme launches today!
Today the new Bounce Back Loan Scheme (BBLS) opens for applications targeting small and micro businesses affected by the Coronavirus outbreak.
The UK’s small businesses will be able to apply for quick and easy-to-access loans with the cash expected to land within days.
- Businesses will be able to borrow between £2,000 and £50,000, loans will be 100% Government backed for lenders, and businesses can apply online through a short and simple form
- The loans are available through a network of accredited lenders, including the five largest banks
- The Government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months
- Fixed 2.5% interest rate after the first 12 months
- Any business can apply for loans up to 25% of turnover, maximum £50,000
- Loan terms will be up to 6 years with no repayments due during the first 12 months
- Businesses which have already accepted help under the older CBIL Scheme can switch to the new BBLS facility
The Bounce Back Loan scheme is the latest step in a package of world-leading support measures following the changes announced by the British Business Bank and HM Treasury.
For further information, see more here:
https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today
Do not hesitate to call us on our usual office number if you have a question or need some help and guidance: 01204 398816.
Take care and stay safe during these challenging times.
Ian, Kelly and Gavin.
