The Bounce Back Loan Scheme (BBLS) was designed to enable businesses to access finance more quickly during the coronavirus outbreak.
BBLS closed to new applications and applications for Top-ups, on 31 March 2021.
About the scheme
BBLS provided financial support to businesses across the UK that:
- were losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak
- could benefit from £50,000 or less in finance.
Pay As You Grow (PAYG)
Businesses that have taken out a Bounce Back Loan can use PAYG to help manage their cashflow to have a better chance of getting back to growth.
Find out more about Pay As You Grow.
How BBLS worked
BBLS was available through a range of accredited lenders and partners.
A lender could provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount was £50,000.
The scheme gave the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).
The borrower always remained fully liable for the debt.
View the BBLS FAQs for more details.