Applications open for Coronavirus Bounce Back Loans

 The Government Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000 is open for applications.

The government is guaranteeing 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 coronavirus

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

The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

The Chancellor of the Exchequer, Rishi Sunak, said:

"Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic. The Bounce Back loan scheme will make sure they get the finance they need - helping them bounce back and protect jobs"

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