Bounce Back Loans

BBLs 

The government has rolled out Bounce Back Loans, a digital loan scheme, to support small businesses with their cashflow in the immediate future.  Launched on Monday 4 May, the scheme fast-tracks funding to SMEs with loans that are 100% government-backed guarantee for lenders. The government will also pay any fees and interest for the first 12 months (no repayments will be made within this time).  Businesses who have taken a BBL can now refinance this into a CBIL.

 

 

Here are the key pieces of information:

  • Borrow between £2,000 and £50,000 (up to 25% of a business’ turnover)
  • Repay over 6 years, 2.5% interest rate, no early penalty
  • Personal guarantee is not required
  • As with CBILS, loans will be interest free for the first 12 months.
  • 12-month capital repayment holiday is automatically applied at the start of the loan
  • Businesses can apply online through the 7 question forms above 
  • Once approved, the cash will be available in days

Contact Nasser...Email is nasser@businesspulse.org.uk  Mobile: 07946284256 for details on how your applications can be processed.

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