Fund title: Bounce Back Loans
Focus of fund/fund aims:
Loans up to £50,000, with no repayments, fees or interest for the first 12 months, for SMEs negatively affected by coronavirus
Applications can now be made for support from the Bounce Back Loans scheme which has been set up to enable small and medium-sized businesses affected by coronavirus to access loans of up to £50,000.
UK-based businesses negatively affected by coronavirus can 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 a low rate of interest for the remaining period of the loan.
Full details of the scheme, including details of the accredited lenders who are administering it, can be found on the website of the British Business Bank.