Inca COVID-19 Update 14: The Bounce Back Loan Scheme: More details
4th May 2020
Welcome to our latest COVID-19 update.
The Bounce Back Loan Scheme (BBLS): More Details Confirmed
The government’s Bounce Back Loan Scheme (BBLS) went live today. The scheme is designed to help Britain’s small businesses access finance more quickly during the coronavirus outbreak.
We now know that:
- The interest rate on loans is 2.5% per annum
- Loans are available from £2K (minimum) up to £50K, but cannot exceed 25% of turnover
- No repayments need to be made for the first 12 months
- Loans must be used for the business and not for personal use – but may be used to refinance other borrowing
- The term is six years, but loans can be redeemed early with no early redemption fees or charges
- The lending bank will receive a ‘Business Interruption Payment’ from the government to cover the first 12 months’ interest
For more information and to find out how to apply for BBLS go to: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-businesses-and-advisors/
If you need help or advice regarding BBLS or any of the government’s business support packages, do give us a call. These are unchartered waters for all of us, and We’re available to help you and your business get through this in any way we can. Even if you don’t have a finance issue, but just want to break the lockdown monotony, we’re here, and we’re good listeners!
We hope you find this information useful. Please feel free to share it with other business owners in your contact sphere.
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If you have specific questions you’d like to ask, please email our new, dedicated email address [email protected] . We will collate questions and share answers here on the newsletter platform and on our social media channels.