Bounce Back Loan

Following the COVID19 challenges facing the UK businesses, a full range of business support measures have been made available to the small and medium-sized business. This includes grant payments, deferral of tax payments and loan scheme.

Within this page, we briefly take a look at the Bounce Back Loan (BBL).

Overview of BBL

The BBL scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

Which businesses are eligible for the BBL?

Your business is eligible to apply if the business;

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus

 

Frequently Asked Questions

How easy it is to obtain the Bounce Back Loan?

The application process is very straight forward and takes no more than 10-15 minutes. You simply require information such as your turnover, business banking detail and the amount you are borrowing.

How long does it take to obtain the BBL?

If your application is successful , the loan payment should be made to you within a few days.

 

 

 

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