What is it? 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.
Can I apply? You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
How do I access? The Bounce Back Loan scheme will launch on 4 May 2020.
For more information on the Coronavirus Bounce Back Loan please get in touch with our team.
Further Information Link: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan