Coronavirus Bounce Back Loans

28th April 2020

The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.

 

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

 

The government will guarantee 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 a low rate of interest for the remaining period of the loan.

 

The Bounce Back Loan scheme will launch on 4 May 2020.

 

More information about the scheme will be published shortly, but our summary of what we know so far is here

 



 
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