The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
To qualify, a firm must have been trading on 1 March this year and not have been in financial difficulty. In other words, the loans are not intended to bail out failing businesses.
HOW IT WORKS
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
A lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.
The government will cover the cost of fees and interest for the first year. Businesses will only begin repaying the loan after 12 months.
All lenders will charge a flat rate of 2.5% and the loans will last up to six years.
Mr Jones said: “These are loans, not grants, so if a business is already indebted and taking on further debt, they should think carefully before making an application.”
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