The Bounce Back Loan Scheme is a government initiative to help the UK’s smaller businesses deal with the impact of corona virus. Under the scheme, you can apply for a loan of £2,000 to £50,000.

The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cash flow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.

The scheme is a part of a wider package of government support for UK businesses and employees.

HOW IT WORKS

BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.

A lender can provide 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).