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Government Bounce Back Loan Scheme

Since the Government announced details of The Coronavirus Business Interruption Loan Scheme in March, these have proven exceedingly difficult for small businesses to obtain. 

Since then the Government has announced a new loan scheme for small and micro sized companies called the Bounce Back Loan Scheme.

The key features of this loan are shown on the link below. However, we have summarised the main points for you. 

Bounce Back Loan Scheme Fact Sheet

  • Available to sole traders, partnerships, and limited companies with a business bank account*
  • Simple 4/5 step loan application
  • No credit checking by the banks
  • Loans from £2,000 up to 25% of your turnover, subject to a maximum of £50,000
  • Fixed 2.5% interest rate, with interest paid by the Government for the first 12 months
  • No capital repayments until month 13
  • Maximum loan length is 6 years, but it can be paid back in full early without penalty.
  • No personal guarantees, however, the borrower always remain 100% liable for the debt

*Note: the applicant must have a business bank account, not a personal account used for business

To be eligible you must self-certify that your business has been affected by the Coronavirus and that you have not applied for any other type of Government backed loan.

This loan may be useful to those sole traders and partnerships who did not qualify for the Self Employed Income Support Scheme.

Our research of the main high street lenders has found that they have dedicated online application forms on their websites for you to complete if you meet the eligibility criteria. 

Other Government Backed Loans available are:

Coronavirus Business Interruption Loan Scheme

 

 

 

 

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