Bounce Back Loan Scheme Details
This scheme is available for small and medium sized business who can borrow a minimum of £2,000 and upto 25% of the total turnover of the business. However, the maximum amount that can be borrowed is £50,000.
This scheme is fully backed by Government and guarantees 100% of the loan.
There will not be any interest on the first 12 month period and a 2.5% interest will be charged thereafter.
Am I eligible for this scheme?
To be eligible to apply for loan, your business:
- should be based in UK
- was incorporated or established before 1st March 2020
- has been adversely impacted by the coronavirus
Duration of the loan
The loan is issued on 6 year term where no repayments of the loan are due within first 12 months of the 6 year term. However, loan can be paid earlier with no early repayment charges.
How to Apply?
In order to apply for the Bounce Back Loan, you would need to contact your bank where you hold a Business Bank Account or you can contact other participating lenders which include main retail banks.
You will be required to complete a short online form where you need to declare that you are eligible for the Bounce Back Loan. Lender will then decide on your application whether the loan can be offered to you or another type of finance can be offered. It will be your responsibility to repay 100% of the loan amount borrowed from the bank.
To find a lender, please use the following link:
Contact us for more information.
AG ACCOUNTING SOLUTIONS LTD – ACCOUNTANTS IN SLOUGH