Bounce Back Loans (BBLS) are available for SMEs that have been financially impacted by the coronavirus pandemic.
Businesses can apply for between £2,000 and £50,000 up to 25% of their total turnover to provide them with financial support. The loans are interest and fee-free for the first 12 months, with a 2.5% fixed annual interest rate after.
The loans will last for 10 years which means one-year interest free and the other nine years at a 2.5% fixed annual interest rate. You can, of course, repay the loan at any time without paying a fee and the sooner you repay once interest is charged, the smaller the overall cost.
If you have already claimed for a BBL but have not claimed the full amount (25% of total turnover), you can apply for a loan top up at a minimum of £1,000. You must top up with your existing Bounce Back Loan lender.
Your credit score will not affect your eligibility for a Bounce Back Loan and claiming a loan will not affect your eligibility for other Government personal support such as the Self-Employment Income Support Scheme (SEISS) and you may still be eligible for universal credit.
To see if your business is eligible for a Bounce Back Loan, visit British Business Bank
Remember, if you need help understanding the latest government guidance, finding out what support is available, or just want someone to speak to about your business, we can help. Call us on 01273 335878 or email us at email@example.com.