3. Bounce Back Loan Scheme
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.
All lenders will charge a flat rate of 2.5% and the loan terms will be up to 6 years. 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.
Details on eligibility can be found via the British Business Bank. Finance will be provided through accredited lenders, so in the first instance, businesses should approach their own bank – ideally via their website.
Those seeking financial support above £50,000 can apply for a Coronavirus Business Interruption Loan.