COVID-19: Bounce Back Loans scheme open
New business loan scheme open for applications
If you run a small or medium-sized business, from today you could benefit from access to finance through the government’s Bounce Back Loans scheme. Loans of between £2,000 and £50,000 are available to businesses negatively impacted by coronavirus.
The government will pay any fees or interest for the first 12 months, with loans moving onto low interest rates (2.5%) for the remainder of the repayment term.
The loans are 100% guaranteed by the government, and lenders are not allowed to take personal guarantees or take recovery action over any business borrowers’ personal assets (such as their main home or personal vehicle).
Importantly, you can’t apply if you’ve already received a loan under the Coronavirus Business Interruption Loan Scheme (CBILS). If you’ve already received a loan of up to £50,000 under CBILS, you can arrange with your lender to transfer it into a Bounce Back Loan up until 4 November 2020.
Businesses can apply for loans through a range of accredited lenders: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan