Apply for a coronavirus Bounce Back Loan
This scheme helps small and medium-sized businesses affected by a coronavirus (COVID-19) to access Bounce Back Loan of up to £50,000.
The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree on a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
Eligibility
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by the coronavirus
Who cannot apply
The following businesses are not eligible to apply:
- banks, insurers, and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
If you’re already claiming to fund
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
How to apply
The full rules of the scheme and guidance on how to apply are available on the British Business Bank website.
Please refer to the online guidance for details.
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