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The Bounce Back Loan Scheme

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What is the loan available for?

CLOSED TO NEW APPLICATIONS

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

 

Any eligibility criteria?

Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

What loan amounts are available?

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

 

What are the loan terms?

The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

Who provides the loan?

There are 11 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself via the lender’s website.

Please click here for further details

 

How to apply?

The lender will ask you to fill in a short online application form and self-declare that you are eligible.

The lender will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.

 

Contact information:

Address

There are 11 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself

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