Bounce Back Loans - fast, cheap, and available from the 4th May.
Small business loans between £2,000 and £50,000
Cash to be available within a couple of days of application
Will be interest free for the first 12 months, and businesses can apply online through a short and simple form.
The Government will provide a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
The scheme will launch on the 4th May.
Loan terms will be up to 6 years. The Government will work with lenders to agree a low rate of interest for the remaining period of the loan.
You can apply for a loan if your business:
Is based in the UK
Has been negatively affected by coronavirus
was not an "undertaking in difficulty" on 31 Dec 2019
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.