Bounce Back Loan scheme
Fortuous • April 28, 2020
Supporting small and medium-sized businesses during coronavirus
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000
This scheme isn’t available yet and will launch on 4 May 2020.
Loans between £2,000 and £50,000
The Bounce Back Loan scheme is designed to support small and medium-sized businesses looking to borrow between £2,000 and £50,000.
Flexible terms available
Loan terms will be up to 6 years.
100% government backed
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Is your business eligible?
You can apply for a loan if your business
- Is based in the UK
- Has been negatively affected by coronavirus
- Wasn’t an ‘undertaking in difficulty’1 on 31 December 2019
Ineligible businesses
The following businesses aren’t eligible to apply
- Banks, insurers and reinsurers (but not insurance brokers)
- Public-sector bodies
- Further-education establishments, if they are grant-funded
- State-funded primary and secondary schools
Important information
You can’t apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020. We’ll share more details about this as they become available, so please keep checking for more information.
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