Applications are now open for a Bounce Back loan
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
– Borrow between £2,000 and £50,000
– Easy 7 questions online form to complete
– Interest-free first year
– Repay over 6 years, 2.5% interest rate, no early penalty
This new scheme promises to be a much simpler process, just a simple online form to complete to verify your businesses exists and loans should arrive within 24hours of approval.
To be eligible for the scheme your business must:
- be based in the UK
- have been negatively affected by the coronavirus
- not have been ‘undertaking in difficulty’ on 31st December 2019.