From 9am on 4th May 2020, small businesses can apply for 100% taxpayer-guaranteed ‘Bounce Back’ loans up to £50,000 or 25% of turnover. These loans are aimed at businesses which have been frustrated by the Coronavirus Business Interruption Loan Scheme (CBILS) and provide a lifeline to thousands of smaller enterprises struggling with the effects of the Covid-19 pandemic.
Key features of the new loans:
- Businesses can apply for loans between £2,000 & £50,000 or 25% of turnover
- Application is via a 2-page self-certification online form
- Government pays interest for the first 12 months
- No capital repayments in the first 12 months
- Businesses must be able to prove they were viable prior to the coronavirus crisis
- The scheme will be managed by the British Business Bank
We’ll update this page when we have further information about the Bounce Back micro loan scheme.
Please contact Julia Gallagher or Anna Madden if you have any questions about accessing finance and grants. Julia can also advise on measures you should be taking as your business transitions out of the lockdown. 01527 558539.