Application for the Bounce Back Loan in the United Kingdom is open now. Check out whether you are eligible and what to do to get the loan now.
The Bounce Back Loan scheme is governmental support in the United Kingdom that helps small and medium-sized businesses to borrow between £2,000 and £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, according to the information provided by the government.
Loan terms will be up to 6 years and there will be no repayments due during the first 12 months. The government has promised to work with lenders to agree on a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
Eligibility
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by the coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
Who cannot apply
The following businesses are not eligible to apply:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
If you’re already claiming some kind of funding
Businesses cannot apply for the loan if they are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). If a company has already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, they can arrange this with their lender until 4 November 2020.
How to apply
The full rules of the scheme and guidance on how to apply are available on the British Business Bank website.
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