( Loan Between £2,000) Apply for a coronavirus Bounce Back Loan – GOV.UK

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

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The scheme is open to applications until 31 March 2021. If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount. You must request the top-up by 31 March 2021.

In this post I will list out the steps to apply for coronavirus bounce back loan. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

Eligibility

You can apply for a loan if your business:

• is based in the UK
• was established before 1 March 2020
• has been adversely impacted by the coronavirus

Who cannot apply

Businesses from any sector can apply, except:

• banks, insurers and reinsurers (but not insurance brokers)
• public-sector bodies
• state-funded primary and secondary schools

How Long Does the Loan Last For

The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

Before your first repayment is due, your lender will contact you about further options to:

• extend the term of your loan to 10 years
• move to interest-only repayments for a period of 6 months (you can use this option up to 3 times)
• pause your repayments for a period of 6 months (you can use this option once)

How to apply

There are 29 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself via the lender’s website.

The lender will ask you to fill in a short online application form and self-declare that you are eligible.

The lender will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.

Find a lender