The Government’s Coronavirus Bounce Back Loan scheme is now available to small businesses.
It is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
Businesses can access a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000. The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).
The interest rate for the facility is set at 2.5% per annum.
Businesses can apply for a Bounce Back Loan via the British Business Bank website.