COVID-19: Bounce Back Loan Scheme for small businesses as at 28.04.20

Yesterday, 27 April 2020, the Government announced the Bounce Back Loan Scheme for small businesses to support them through financial difficulties as a result of the COVID-19 pandemic

The Bounce Back Loan scheme will allow businesses to borrow between £2,000 and £50,000 and access the cash within days.

Loans will be interest free for the first 12 months and businesses can apply online through a short and simple form. The new scheme will provide lenders with a 100% guarantee for the loan and the government will pay any fees and interest for the first 12 months. No repayments will be due from the business during the first 12 months.

Loan terms will be up to 6 years and 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.

NOTE: The scheme will launch for applications on Monday 4 May.

More details on the scheme, including eligibility and how to apply, can be found HERE