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Coronavirus Bounce Back Loans
29 April 2020
After the CBILS loan scheme was criticised for failing to meet the needs of many businesses, the government introduced the ‘Bounce Back Loan Scheme’ on the 4th May, aimed at providing swifter access to funds for smaller businesses.
are you eligible?
In order to apply for a loan you must be a UK based business negatively affected by the Coronavirus which was ‘not an undertaking in difficulty’ in December 2019. If you have already received a loan of up to £50,000 under the CBILS scheme you can choose to transfer this to the Bounce Back Loan Scheme.
how does the scheme benefit you?
The scheme is online and self-certified, with the key features being:
- A loan of £2,000 to £50,000.
- 100% Government backed.
- Interest free for 12 months.
- No repayments for 12 months.
- Scheme launched on Monday 4th May 2020.
- Low standardised rate of interest for the remainder of the term, post 12 months.
- Funds available ‘within days’.
- Terms up to 6 years.
- Loans are capped at 25% of turnover.
These loans could provide a much needed lifeline to your business right now.