The new Bounce Back Loan Scheme (BBLS), announced last week by the Chancellor, Rishi Sunak, to help small and medium-sized businesses affected by the coronavirus pandemic (COVID-19), has gone live.
Businesses can now borrow between £2,000 and £50,000. Interest will be paid by the government for the first 12 months. The government also guarantees 100% of the loan.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. A low rate of interest of 2.5% has been set for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
How to apply
The full rules of the scheme and guidance on how to apply are now available on the British Business Bank website. Please click on the link below to find out more.