Bounce back loans worth up to £50,000 are to be made available to small businesses with the Government promising to guarantee all of the risk. The Government would also pay all interest for the first year; therefore the loan is interest free for 12 months. This has made borrowing funds much easier
- There will be no business viability checks except to ensure the business exists
- Small businesses are able to access loans of between £2,000 and £50,000
- Loans will be interest free for the first 12 months
- There will be no loan repayments due during the first year
- There will be a low level of interest for the remaining period of the loan
- Access to the loans will be through a network of accredited banks
- The government will provide lenders with a 100% guarantee for the loan
- The loans will be easy to apply for through an online form online application.
- The loan should be in your account within 24 hours of approval
But before you take out the loan, remember you are still liable to repay it. If you were struggling before the virus hit, ask yourself if you are prepared to get into more debt.
To start your application click here