Borrow between £2,000 and £50,000
The government have launched a new scheme to support smaller businesses, aimed at those who were struggling to obtain financing via the Coronavirus Business Interruption Loans (CBIL).
The government guarantees 100% of the bounce back loans and there won’t be any fees or interest to pay for the first 12 months.
Key Features:
- Borrow between £2,000 and £50,000 (up to 25% of turnover)
- No personal guarantees required
- No Repayments for the first 12 months
- Interest rate fixed at 2.5%
- 6 year term with no early repayment fees
- No fees to access the loan
Eligibility
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
How to Apply
Bounce Back Loans are being provided by the major banks and you should start by approaching your own banking provider via its website.
You will need to complete a short online application form and there will be the usual checks surrounding anti-money laundering and fraud. Assuming you are accepted the funds should be in your account in a few days.
One Reply to “Bounce Back Loans”
Comments are closed.