Small Business Bounce Back Loans
The Bounce Back Loan Scheme (BBLS) is a new scheme designed to enable businesses to access finance more quickly during the coronavirus outbreak.
The Bounce Back Loan Scheme provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
Businesses are able to borrow between £2,000 and £50,000.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
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
You cannot apply if you are already claiming under the Coronavirus Business Interruption Loan Scheme https://wearegrowth.co.uk/covid-19/coronavirus-business-interruption-loan-scheme/.
How to access this scheme
Find out how to apply for a loan on the British Business Bank website which you can access via this link https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-businesses-and-advisors/.
Businesses can access these loans through a network of accredited lenders https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/current-accredited-lenders-and-partners/.
Further information on the Bounce Back loans can be found on this webpage https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan and full details are on the British Business Bank website
For further information on the full range of business support measures which have been made available to UK businesses, visit the government's Business Support website https://www.gov.uk/coronavirus/business-support or use the Business Support Finder which you can access via this link https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/tool.