The Bounce Back Loan scheme, the latest financial support measure from the government in response to the Coronavirus crisis, is open for applications from today.
As previously reported, the new Bounce Back Loans will enable small businesses and sole traders to borrow between £2,000 and £50,000 and access the cash within days. The loans terms will be up to six years and will be interest free for the first 12 months. The fast-track scheme will provide loans with a 100% government-backed guarantee for lenders.
To be eligible for a loan, the business must be based in the UK and been negatively affected by Coronavirus. Eligible companies will be subject to standard customer fraud, anti-money laundering (AML) and Know Your Customer (KYC) checks prior to any loan being made.
For details of how to apply for a Bounce Back Loan click here
The scheme has been designed to ensure that small firms who need cash injections to keep operating can get finance in a matter of days, and will run alongside the other government economic support packages detailed below.