Information on the Bounce Back Loans Scheme that is launching today.
What are the new Bounce Back loans?
- Loans are 100% guaranteed by Government
- Banks already accredited to offer CBILS loans should be able to offer Bounce Back loans
- Businesses can borrow between £2,000 and £50,000
- No repayments in the first 12 months
- Interest free for the first 12 months
- Interest capped at 2.5% after that
- Loan term can be up to 6 years
Who can apply?
- Small companies, sole traders and partnerships can apply
- You need to be based in the UK
- You are negatively affected by COVID19
- You were not classed as an undertaking in difficulty* on 31 December 2019
- You can borrow up to 25% of 2019 revenue or £50,000, whichever is higher
*undertaking in difficulty = accumulated losses are more than half of the share capital of the company
How do I apply?
- You can apply from 9am this morning (Monday 4 May 2020)
- The bounce back loan scheme is available to businesses through a number of accredited lenders across the UK
- We are pleased to provide application links for some of the major banks below
Natwest - https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html
Lloyds - https://www.lloydsbank.com/business/coronavirus/bbls.html?WT.ac=lloyds-bb-covid_19-gov_scheme-tile-FOM-bbls_homepage
HSBC - https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme
Barclays - https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/
Santander - https://www.santander.co.uk/business/borrowing-and-finance/bounce-back-loans
If your bank isn't listed above, please click on the link below to find out if they are an accredited lender.
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-businesses-and-advisors/
If you have any questions or would like to discuss the above further, please do not hesitate to contact us on (024) 7671 5111.
