COVID-19: Cabinet Office launches Bounce Back Loan scheme

4 May 2020 04:18 PM

The Cabinet Office has launched a Bounce Back Loan scheme to help small and medium-sized businesses affected by coronavirus.

The Bounce Back Loan scheme 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. Loan terms will be up to 6 years and no repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.

You can apply for a loan if your business:

• is based in the UK
• has been negatively affected by coronavirus
• was not an ‘undertaking in difficulty’ on 31 December 2019

Click here to find out more and apply.