1st May 2020
The Chancellor has issued a letter to lenders on the new Bounce Back Loan Scheme. The letter to all accredited lenders under the Coronavirus Business Interruption Loan Scheme (CBILS) sets out the interest rate that Bounce Back Loans will be offered at (2.5%), and outlines legislative and regulatory changes being made to support the delivery of the scheme. It also clarifies the interaction between lending under BBLS and CBILS.
For more information click here
27th April 2020
The Government has announced the launch of a Bounce Back loan scheme which will be available from Monday 4th May 2020.
This 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 a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
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
For more information about the loan scheme and how to apply click here