From 4 May 2020, small and medium-sized businesses can apply for the Bounce Back Loan Scheme (BBLS).
The new scheme offers quick access to government-backed loans for businesses impacted by the coronavirus (COVID-19) outbreak.
Eligible businesses can borrow between £2,000 and £50,000 from accredited lenders.
The government guarantees 100% of the loan and will make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments.
There is no fee to access the scheme and no repayments will be due for the first 12 months.
You can apply for a loan if your business:
The following businesses are not eligible:
If you have already claimed under the Coronavirus Business Interruption Loan Scheme (CBILS), you are not eligible. However, you may be able to arrange with your lender to transfer your loan to the BBLS. This opportunity will be available up to 4 November 2020.
You can apply for the scheme through a range of accredited lenders across the UK. For full instructions, visit British Business Bank.
If you are looking for support regarding the BBLS, or any other coronavirus business support scheme, we are here to help. Please contact us firstname.lastname@example.org or speak to your usual Lubbock Fine contact.