The Bounce Back Loans Scheme goes live today. Below is a summary of who can apply, how to apply and further support that we can offer to help your business survive and grow coming out of the impacts of Covid-19.
Summary of the Bounce Back Loans Scheme
- Up to £50,000 loan available to businesses established by 1st March 2020, wasn’t in financial trouble at 31st December 2019 and has been impacted financially by Covid-19
- Up to 25% of annual turnover
- Cannot be used in conjunction with CBILS (but CBILS that meet these terms can be converted over)
- Government pays interest for first 12 months
- No repayments in the first 12 months
- Over 6 years at 2.5% p.a.
- Early repayment is allowed, with no fees
- There are no fees to set up the loan
- Banks cannot ask for personal security
Application Process
- Through approved lenders as per the site above.
- Simple and easy form where you self certify
- Apply via your own bank first if they are on the list
- Apply online
Full details can be found here including how to apply:
As more info becomes available we will share it.
Other support we are offering at this time:
Free Workshops/Webinars:
- Wednesday 11am – Kickstart your business post Covid-19 – a must for anyone who has furloughed staff.
- Thursday 1pm – Master your Mindset – tools to stay positive and moving your business forward during Covid-19 and beyond
Book a free 121 coffee & chat coaching session – email us and we’ll get it booked in.
