Bounce Back Loan Scheme

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This scheme opens on 4th May

To find out more info, please visit https://www.nibusinessinfo.co.uk/content/coronavirus-apply-bounce-back-loan-scheme

This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.

This scheme is not available yet. It will launch on 4 May 2020.

 

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be 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.

The scheme will be delivered through a network of accredited lenders.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by the coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply


The following businesses are not eligible to apply:

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

 

If you’re already claiming funding


You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

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 4 November 2020.

 

How to apply

 

The Bounce Back Loan scheme will launch on 4 May 2020.

More information about the scheme will be published shortly on https://www.nibusinessinfo.co.uk/content/coronavirus-apply-bounce-back-loan-scheme