Bounce Back Loan

The UK government’s Bounce Back Loan Scheme is now open for applications.

This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19) 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. 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.

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The scheme will be delivered through a network of accredited lenders – including the majority of high street banks.

Eligibility – You can apply for Bounce Back 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

Who cannot apply for a Bounce Back Loan

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).  However, 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.

How to Apply for a Bounce Back Loan

The full rules of the scheme and guidance on how to apply is available on the British Business Bank website, together with a list of accredited lenders.

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