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Businesses can apply for a quick-access Bounce Back Loan of up to £50,000 to support income and finances during coronavirus disruption.

– Borrow between £2,000 – £50,000, up to 25% of your 2019 turnover
– There’s no interest or repayments for the first 12 months
– The interest rate for the following 5 years is 2.5%

Use the Bounce Back Loan Calculator to work out the estimated monthly repayments on the sum you’d like to borrow.

Who should be looking at this?

If you’re looking for some investment in your business then the Bounce Back Loan is the cheapest and easiest business loan you will ever claim. Whilst we don’t like to encourage debt unless needed, if you’re looking to borrow to buy something anyway, do it this way. They’re 100% backed by the government and the interest rate is peanuts.

Or if you’ve fallen through the cracks of other government support, and need some cashflow personally, this is the way to get it. With no repayments for 12 months, we would hope that business will have returned to normal next year and you can survive off this until then.

 

Apply for a Bounce Back Loan

Most of the major banks are participating in the scheme, and more banks are joining everyday. Contact your existing bank to apply for the Bounce Back Loan. Here are some of the banks offering the loans:
Barclays
Yorkshire Bank
HSBC
Natwest
Santander
TSB

Other Coronavirus Funding

You can still receive other coronavirus government funding alongside the Bounce Back Loan. For example:

Note: The Bounce Back Loan is separate to the Coronavirus Business Interruption Loan Scheme. You can’t apply for both loans. Speak to your bank to find out which one is best for your business.

More Info

Government guidance
Eligible banks
MSE bank comparison

 

Info on this page is correct as of 7th May 2020. We appreciate coronavirus funding is a changing landscape.

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