The Bounce Back Loan Scheme is a new scheme introduced to help smaller businesses impacted by coronavirus (COVID-19).
It aims to assist those businesses to borrow between £2,000 up to 25% of a business’ turnover (the maximum amount available is £50,000).
Government will cover any interest payable in the first 12 months through a Business Interruption Payment to the lender, and lenders will benefit from a 100% government-backed guarantee.
The government has set the interest rate for this loan at 2.5% per annum and the repayment term is fixed at six years. No repayments will be due during the first 12 months. Businesses remain 100% liable to repay the full loan amount, as well as interest, after the first year.
The Scheme will be delivered through a network of accredited lenders.
Click on the links below to be taken to each bank’s dedicated Bounce Back Loans Scheme page:
The British Business Bank has released a FAQs for Small Businesses: Bounce Back Loan Scheme covering 24 questions. Click here…
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