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Following the Chancellor of the Exchequer’s announcement on 27 April, the Bounce Back Loan (BBL) Scheme opens for applications from the 4th May 2020 to support businesses during the Coronavirus crisis. Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.
Providing lenders with a 100% government-backed guarantee and standardising the application form is expected to lead to a faster process with many loans becoming available within days.
The Bounce Back Loan (BBL) on the British Business Banks website is the best source of up to date information on this new scheme and many of the other loan schemes during the crisis. However, for your ease of reference please click here to see the PDF fact sheet on the BBL. This contains all the key details you may need. You can also see information on the Gov.uk website by clicking here.
Bounce Back Scheme features
The Bounce Back Loans Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year. The government will cover interest payable in the first year.
Other Business Finance Support Options
You can also find details of other government measures to support public services, people and businesses through this disruption on the Government’s Business Support website.
Alternatively, you can visit our support document for a wide range of all the support options available for you and your business by clicking here – or for sector-specific schemes and information, this support document may be of assistance.
Guidance and Support for Businesses During this Time of Uncertainty
The British Business Bank and The Institute of Chartered Accountants in England and Wales (ICAEW) have created new content to help businesses that are facing financial and operational challenges as a result of the coronavirus outbreak. You can view this regularly updated guidance at the Business Finance Guide website.
If you wish to discuss this or any other business support further, do not hesitate to contact us by calling 0300 333 6536 or emailing firstname.lastname@example.org
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