The new Bounce Back loans have launched this morning.
You can borrow up to £50,000 and it is 100% backed by the government - so no personal guarantees. Interest rate just 2.5%.
All the details on how to apply are below;
The Bounce Back Loan Scheme (BBLS) is available to businesses through a number of accredited lenders across the UK.
Please read our BBLS FAQs for businesses
HOW TO APPLY
You should approach a lender yourself, ideally via its website.
In the first instance, you should approach your own provider. You may also consider approaching other lenders if you are unable to access the finance you require.
You will need to fill in a short application form online, which self-certifies that your business is eligible for a loan under BBLS.
If your business is eligible, it will be subject to appropriate customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. Some state aid restrictions may apply to your application.
Note: There is high demand for finance through BBLS. Phone lines are likely to be busy and branches may not be able to handle enquiries in person.
The lender has the authority to decide whether to offer you finance.
Under the scheme, lenders are not permitted to:
If one lender turns you down, you can still approach other lenders within the scheme.
BBLS is designed to be fast for lenders to process and quick and easy for businesses to access. To help achieve this, you will only be required to fill out a short application form online.
WHO IS ELIGIBLE
Your business must be able to self‑declare to the lender that it:
Note: The above is not an exhaustive list – see our Frequently asked questions for more information.
Bounce Back Loans are available to businesses in all sectors, except the following:
OTHER BUSINESS FINANCE SUPPORT OPTIONS
You can find details of other government measures to support public services, people and businesses through this disruption on the Government’s Business Support website.