The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
Bounce back loan borrowers can delay repayments by extra six months
Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans, the government announced today (8 February).
- Bounce Back Loan borrowers will now have the option to tailor payments according to their individual circumstances
- Chancellor makes support even more generous with the option to delay all repayments for a further six months
- Pay as You Grow will be available to over 1.4 million businesses, which collectively took out nearly £45 billion through the Bounce Back Loan Scheme
See more here.
HOW IT WORKS
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website. (Read more on how to apply with them here)
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).
The borrower always remains fully liable for the debt.