The Bounce Back Loan Scheme allows small and medium-sized businesses to borrow between £2,000 and £50,000 to help them get back on their feet.
The government will guarantee 100% of the loan and there will no fees or interest to pay back for the first 12 months. Loan terms will be up to six years, with no repayments due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan, and the scheme will be delivered through a network of accredited lenders.
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). However, if you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan Scheme, you can arrange this with your lender until 4th November 2020.