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How to get a ‘bounce back’ loan

If you are looking for a small business loan (up to a maximum of £50,000) you may wish to consider the  ‘bounce-back’ loan scheme launched by the Government.

The scheme is specifically designed to help smaller businesses and may be more appropriate than some of the other ‘loan’ initiatives launched by the Government recently.

What we know so far: 

  • Businesses will be able to apply for these new ‘bounce-back’ loans for 25% of their turnover up to a maximum of £50,000.
  • You can apply for between £2,000 and £50,000.
  • The Government will pay the interest for the first 12 months.
  • These loans will be available from 9am next Monday (4th May 2020).
  • No forward looking tests of business viability’ of the kind that has prevented some businesses from accessing other loan schemes will occur.
  • It is promised to be simpler and faster than previous loan schemes.

This may be suitable for your business if you require funding up to £50,000.

You can read more about the scheme here.