Bounce Back Loans Scheme
Last updated Thursday 17 December – 12:24
The Bounce Back Loan scheme is a 100% government backed loan scheme for small and medium sized businesses and is available until 31 March 2021. Businesses are able to borrow between £2,000 and £50,000 and access the cash within days.
The scheme is capped at 25% of turnover and loans are interest free for the first 12 months.
For businesses repaying a Bounce Back Loan, a ‘Pay as You Grow’ flexible repayment plan is to be introduced. This is designed to provide greater flexibility for businesses repaying a Bounce Back Loan and includes extending the term of the loan from six to ten years, an interest-only period up to six months and payment holidays.
The loans are available from a network of accredited lenders and to access businesses can apply online through a short and simple form that the lender will provide.
For more information please click here.