The Coronavirus Business Interruption Loan Schemes and Future Fund were designed to support UK businesses that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak. All schemes are now closed for new applications.
Bounce Back Loan Scheme (BBLS)
- For SMEs, micro businesses and other businesses requiring smaller loans
- Looking for between £2,000 and £50,000
- Term loan repaid over six years
- No set-up fees and first 12 months of interest payments covered by government
- No repayments during the first 12 months
- Businesses that have taken out a Bounce Back Loan can use Pay As You Grow (PAYG) to help manage their cashflow to have a better chance of getting back to growth
- The Bounce Back Loan Scheme closed for new applications, including applications for Top-ups on 31 March 2021