The ‘Bounce Back’ scheme is for those businesses looking for a short-term loan of anything up to £50,000 to get them over an immediate hurdle – namely the revenue they have lost as a direct result of Covid-19.
- Loans available from £2,000 to £50,000
- Government pays the interest and fees on your loan for the first 12 months
- Beyond 12 months, interest rate is set at 2.5% p.a
- Loan length of six years
- No set up costs
- No need for any Personal Guarantees or Security
Eligibility for the loan is primarily taken on trust. You must self-declare that your business:
- Has been impacted by the coronavirus pandemic
- Was established before 1st March 2020
- Was not in difficulty prior to the outbreak (i.e prior to 31st December 2019) or currently in the insolvency process
- Does not have any existing government backed finance (CBILS, CLBILS, CCFF) unless the Bounce Back loan will refinance the whole of the current facility
- Is engaged in trading or commercial activity in the UK and derive at least 50% of its income from those activities.
How to apply
Applying for a Bounce Back Loan is easy: your bank would be your first port of call (provided they offer the scheme) or approach one of the lenders in the Government’s accredited list.
Fill out an online form, and your loan will be considered.
If one lender turns you down, you can still approach other lenders within the scheme.
To find out how we can help your business, call us now on 0203 5877700 or fill out the form and one of our consultants will get in touch.
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