The Chancellor’s much-anticipated Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The scheme is open for all UK based businesses that have been negatively affected by coronavirus, and comes with a 100% government guarantee as well as a waiver on fees and interest for the first 12 months.
The scheme will be delivered through a network of accredited lenders that have been working with government to allow them to agree no repayments for the first year, and a low rate of interest for the remaining period of the loan (up to 6 years).
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website
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.