Small business 'bounce back' loans

KEY INFORMATION

This scheme is open until 31 March 2021

Updated: 6 November - these government backed loans are still available until end January 2021 and existing loans can be topped up if additional finance is needed.

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Small businesses can benefit from a new, fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. It launched for applications on Monday 4 May through a network of accredited lenders.

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Key information

• businesses will be able to borrow between £2,000 and £50,000 and access the cash within days

• loans will be interest-free for the first 12 months

• no repayments due in the first 12 months

• businesses can apply online through a short and simple form

• 100% givernment backed scheme

• In Autumn 2020 this scheme was updated so the borrowing term could be extended to 10 years from the original 6 year term

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The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days